A: Legal Persons

Anmerkungen:

• - personally liable for debts and liabilities of the business - business profits liable to income tax - capital gains treated as gains made by individual and liable to CGT - NICs Class 2 & 4 payable (twice annually) - employees pay PAYE tax & Class 1 NICs - employer pays secondary Class 1 NICs

Anmerkungen:

• - partners only pay tax on their share of the profits - each partner has unlimited liability for trade debts - both pay income tax and NICs using their own personal allowances and are personally liable

Anmerkungen:

• - introduced by Limited Liability Partnerships Act 2000 - partners not individually liable for LLP's debts - partners are still s/e for income tax and NIC purposes - no corporation tax to pay

Anmerkungen:

• - company responsible for own debts to limit of value of assets - must register with Registrar of Companies in order to trade - pay Corporation Tax on all profits including captial gains - office holders (Directors) salaries chargeable as income but they pay tax on an annual cumulative basis

Anmerkungen:

• - must have at least 2 directors & shareholders - must have alloted shares with value of at least £50k and recv'd at least quarter of nominal value