Lecture notes
Lecture notes Business Law
- Module
- Business Law
- Institution
- University Of Law (ULaw)
Lecture notes of 3 pages for the course Business Law at ULaw (notes)
[Show more]
Seller
Follow
Content preview
Part 1Prepare a list of the main advantages and disadvantages of the following types of business
entity:
• Sole Traderships
Advantages: Disadvantages
The owner is entitled to all the profits Start-up costs
Easy to set up Debts
The owner is the decision maker Expansion
Complete control over the company Management/ heavy workload
Fewer tax responsibility/paperwork Unlimited liability
• Partnerships
Advantages: Disadvantages:
All profits belong to the partners Profits are shared equally between the partners
Partners share management decisions Partners are liable for the company’s debts
Less formal with fewer legal obligations No independent legal status
More partner = more capital Potential for conflict/differences
Ownership and control are combined taxation
• Limited Companies
Advantages: Disadvantages;
Credibility and trust personal and corporate information will be
disclosed on public record
Separate legal identity a Company Tax Return and annual accounts must
be delivered to HMRC every year.
Higher personal remuneration accounting requirements are more complex and
time-consuming
Tax efficiency and planning Complicated to set up
Professional status Ownership e.g., shareholders will have a say on
how to run the company
• Limited Liability Partnerships
Advantages: Disadvantages:
protects the member’s personal assets from the Residential addresses were historically recorded at
liabilities of the business. LLPs are a separate Companies House. Whilst the use of ‘service
legal entity to the members. addresses’ now allows for home addresses to be
kept out of public view, any address previously
supplied to Companies House is still part of the
public record unless you pay for the records to be
suppressed. For many businesses this is not a
problem. However, there are some examples
where this may not be desired. Consider solicitors
and partners of law firms that may not want their
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LegallyBrunette20. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £17.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now