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BTEC Level 5 Business Law PPT £2.32   Add to cart

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BTEC Level 5 Business Law PPT

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BTEC Level 5 Business Law PowerPoint Presentation.

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  • February 19, 2022
  • 21
  • 2021/2022
  • Presentation
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BUSINESS LAW

, Sole Proprietorship
A sole proprietor is a self-employed
individual who runs their own business.
They’re in charge of all legal aspects of
the business, including employment,
decision-making, etc.

, How Sole Proprietorships are Formed:
• Only need to register their name
• Get a local license in order to operate their business
• File a Fictitious Business Name Statement if they’re using
a business name that’s different from the legal name
• Get an Employer Identification Number if they have
employees


Legal Structure of a Sole Proprietorship:
• Don’t have a separate legal entity.
• Have unlimited liability.
• The owner is liable for all their business debts.
• Therefore, if the business lands in financial trouble, creditors
can file lawsuits against the owner, not the business.
• If the lawsuit is successful, the owner would have to pay all
the business debts with their own money.

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