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Understanding E-Business: Types of Business Structures

This introduction to e-business outlines various business structures including sole traders, partnerships, and limited liability companies (LTDs). A sole trader is self-employed, fully responsible for debts, and must register for VAT if turnover exceeds £61k. Partnerships involve two or more people sharing responsibilities and liabilities. Limited Liability Partnerships (LLPs) protect partners by limiting personal liability to their investment. Limited Liability Companies provide opportunities for share offering but require registration and annual accounts. Essential for aspiring entrepreneurs.

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Understanding E-Business: Types of Business Structures

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  1. Introduction to E-Business Types of Business

  2. Sole Trader • Self employed • Capital • Liable for all debts • You're in charge • VAT registration – above £61k

  3. Partnership • Two or more people liable • Partners equally responsible for debt • Sleeping partners • Profits

  4. LLP (Limited Liability Partnership) • Limited to the amount of money you have put into the business • Can be a LTD company or a group of individuals

  5. Limited Liability Companies (LTD) • Can offer shares to employees (not the public) • Must be registered at companies house and produce annual accounts • Must have one director • Finance comes from shareholders, profits, loans etc

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