Hairdressing business, Chameleon wants to start her

Hairdressing business

Assignment Help Business Management

Reference no: EM134044873

Question

Chameleon wants to start her hairdressing business as a sole trader and she learns from her school friends that if she trades under a business name which is separate from her own name, she would not be personally liable for any debts of the business. What is the legal position in relation to the liability for the debts of a sole trading business? A sole trader can separate themselves from any liability of debts of the business if it trades under a business name. The granting of a business name can create a business structure. The sole trader is personally liable for the debts of the business even though it may be trading under a business name. The sole trader is not liable for payment of income tax on business profits made as an individual at marginal rates if the business trades under a business name.

Reference no: EM134044873

Questions Cloud

Resolve conflicts that arise in relation to our merchandise : What are the response times of the tax authority to resolve conflicts that arise in relation to our merchandise?

Does the idea of intrinsic and extrinsic rewards agree : Compare and contrast the idea of extrinsic and intrinsic rewards with Herzberg's Two-Factor Theory of motivation.

Grant proposal represent industry best practice : Does this grant proposal represent an industry best practice, either now or in the future? Please provide specifics.

How well does your company perform to the requirements : Based on your professional assessment, how well does your company (or prior company) perform to the requirements?

Hairdressing business : Chameleon wants to start her hairdressing business as a sole trader and she learns from her school friends

Does the doctrine of promissory estoppel apply : Does the doctrine of promissory estoppel apply to the facts of this case? Why or why not?

Some kind of corporate crisis : Think about a recent company that's undergone some kind of corporate crisis. This crisis could be a financial crisis, an organizational crisis,

Quality-control or quality-management procedures : Describe any other quality-control or quality-management procedures you think Grass, Unlimited, might employ to improve the quality of its service.

Felony crime-throwing objects from an overpass : Defendant Thompson - Reckless Injury to a Person Defendant Thompson has been arrested for a felony crime - throwing objects from an overpass

User Account

All Pages