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Final Accounts > Types of businesses > Flashcards

Types of businesses Flashcards

1
Q

Who owns a sole trader?

A

The sole trader

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2
Q

Who owns a partnership?

A

The partners

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3
Q

Who owns a limited liability partnership (LLP)?

A

Members own but is a separate legal entity

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4
Q

Who owns a limited company?

A

Shareholders own but is a separate legal entity

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5
Q

Who owns a charity?

A

It is run by trustees for the public interest so no-one really owns it as such

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6
Q

Who manages a sole trader?

A

The sole trader

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7
Q

Who manages a partnership?

A

The partners are all entitled to an active role

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8
Q

Who manages a limited liability partnership (LLP)?

A

The members are all entitled to an active role

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9
Q

Who manages a limited company?

A

Run by directors on behalf of the shareholders (could be the same people)

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10
Q

Who manages a charity?

A

Run by trustees

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11
Q

Who is responsible for debts of a sole trader?

A

Owner is liable for entire debt of the business

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12
Q

Who is responsible for debts of a partnership?

A

Partners are each liable for entire debt of the business

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13
Q

Who is responsible for debts of a limited liability partnership (LLP)?

A

Members can lose up to their investment but no more

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14
Q

Who is responsible for debts of a limited company?

A

Shareholders can lose up to their investment but no more

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15
Q

Who is responsible for debts of a charity?

A

For unincorporated charities trustees may be liable for debts

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16
Q

How are profits of a sole trader taxed?

A

Income tax on profits paid by the owner

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17
Q

How are profits of a partnership taxed?

A

Each partner liable for income tax on their share of the profits

18
Q

How are profits of a limited liability partnership taxed?

A

Each partner liable for income tax on their share of the profits

19
Q

How are profits of a limited company taxed?

A

Corporation tax paid on the profits

20
Q

How are profits of a charity taxed?

A

Exempt from tax when profit is used for charitable purposes

21
Q

What is the ownership terminology used for a sole trader?

A

Capital

22
Q

What is the ownership terminology used for a partnership?

A

Capital

23
Q

What is the ownership terminology used for a limited liability partnership (LLP)?

A

Capital

24
Q

What is the ownership terminology used for a limited company?

A

Equity

25
Q

What is the ownership terminology used for a charity?

A

Net assets form the funds of the charity

26
Q

What are the distributions called for a sole trader?

A

Drawings by owner

27
Q

What are the distributions called for a partnership?

A

Drawings by partners

28
Q

What are the distributions called for a limited liability partnership (LLP)?

A

Drawings by members

29
Q

What are the distributions called for a limited company?

A

Dividends paid to shareholders

30
Q

What are the distributions called for a charity?

A

Distributions for charitable activities

31
Q

What are the accounting regulations for a sole trader?

A

None

32
Q

Are financial statements for a sole trader available to the public?

A

No

33
Q

What are the accounting regulations for a partnership?

A

Partnership Act, 1890

Partnership agreement

34
Q

Are financial statements for a partnership available to the public?

A

No

35
Q

What are the accounting regulations for a limited liability partnership (LLP)?

A

Limited Liability Partnership Act, 2000

LLP agreement

36
Q

Are financial statements for a limited liability partnership available to the public?

A

Yes through Companies House

37
Q

What are the accounting regulations for a limited company?

A

Companies Act, 2006

Financial Reporting Standards

38
Q

Are financial statements for a limited company available to the public?

A

Yes through Companies House

39
Q

What are the accounting regulations for a charity?

A

Charities Act, 2011
Charity regulators - the Charity Commission
Statement of Recommended Practice (SORP) or Financial Reporting Standard (FRS) 102

40
Q

Are financial statements for a charity available to the public?

A

Yes through Companies House

Final Accounts (5 decks)

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