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Sole Trader
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people. The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor; the business is not a separate legal entity. The arrangement is a "sole" proprietorship in contrast with a partnership, which has at least two owners. Sole proprietors may use a trade name or business name other than their legal name. They may have to trademark their business name legally if it differs from their own legal name, with the process varying depending upon country of residence. Advantages and disadv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ownership
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as '' title'', which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can purchase it with money, trade it for other property, win it in a bet, receive it as a gift, inherit it, find it, receive it as damages, earn it by doing work or performing services, make it, or homestead it. One can transfer or lose ownership of property by selling it for money, exchanging it for other property, giving it as a gift, misplacing it, or having it stripped from one's ownership through legal means such as eviction, foreclosure, seizure, or taking. Ownership implies that the owner of a property also owns any economic benefits or deficits ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Liability
In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both Civil law (common law), civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by Administrative law, government agencies. The Plaintiff, claimant is the one who seeks to establish, or prove, liability. Liability in business In commercial law, limited liability is a method of protection included in some business formations that shields its owners from certain types of liability and that amount a given owner will be liable for. A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is. Thus, only the funds or property the owner(s) have invested into the business are subje ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Revenue And Customs
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC, and formerly Her Majesty's Revenue and Customs) is a department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the Tudor Crown enclosed within a circle. Departmental responsibilities The department is responsible for the administration and collection of direct taxes including Income Tax, Corporation Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT), indirect taxes including Value Added Tax (VAT), excise duties and Stamp Duty Land Tax (SDLT), and environmental taxes such as Air Passenger Duty and the Climate Change Levy. Other aspects of the departmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods And Services Tax (New Zealand)
Goods and Services Tax (GST; ) is a value-added tax or consumption tax for goods and services consumed in New Zealand. GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. It normally makes up around 30% of tax revenue in New Zealand. The rate for GST, effective since 1 October 2010 is 15%. This 15% tax is applied to the final price of the product or service being purchased and goods and services are advertised as GST inclusive. Reduced rate GST (9%) applies to hotel accommodation on a long-term basis (longer than 4 weeks). Zero rate GST (0%) applies to exports and related services; financial services; land transactions; international transportation. Financial services, real estate and precious metals are also exempt. History GST was introduced on 1 October 1986 by the Minister of Finance, Roger Douglas, at a rate of 10% on goods and servic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Department (New Zealand)
Inland Revenue or Inland Revenue Department (IRD; ) is the Public sector organisations in New Zealand, public service department of New Zealand charged with advising the government on tax policy, collecting and disbursing payments for social support programmes, and collecting Taxation in New Zealand, tax. History Inland Revenue started out as the Land Tax Department in 1878. The department was renamed the Land and Income Tax Department in 1892 with the central office set up in Wellington. Only in 1952, when the organisation joined with the Stamp Duties Department, was the organisation known as the Inland Revenue Department. In 1995, a Rewrite Advisory Panel was established to consider and advise on issues arising during the rewriting of the income tax legislation, as part of New Zealand tax reform arising from the Working Party on the Reorganisation of the Income Tax Act 1976. The panel was disestablished in 2014 at the completion of the tax reform. Inland Revenue's Māo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kuching
Kuching ( , ), officially the City of Kuching, is the capital and the most populous city in the States and federal territories of Malaysia, state of Sarawak in Malaysia. It is also the capital of Kuching Division. The city is on the Sarawak River at the southwestern tip of Sarawak on the island of Borneo and covers an area of with a population of about 162,843 in the Kuching North administrative region and 351,815 in the Kuching South administrative regiona total of 514,658 people. Kuching was founded by the representative of the Sultan of Brunei in 1827. It was the third capital of Sarawak in 1827 during the administration of the Bruneian Empire. In 1841, Kuching became the capital of the Kingdom of Sarawak after the territory in the area was ceded to James Brooke for helping the Bruneian Empire in crushing a rebellion particularly by the interior Borneo-dwelling Bidayuh, Land Dayak people who later became his loyal followers after most of them were pardoned by him and joined ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Commission Of Malaysia
The Companies Commission of Malaysia (, abbreviated SSM) is a statutory body formed under an Act of Parliament that regulates corporate and business affairs in Malaysia. The SSM was formed in 2002 under the ''Companies Commission of Malaysia Act 2001'', assuming the functions of the Registrar of Companies and Registry of Business. The main purpose of SSM is to serve as an agency to incorporate companies and register businesses as well as to provide company and business information to the public. The commission launched SSM e-Info Services to allow information on companies and businesses obtainable via its website. As the leading authority for the improvement of corporate governance in Malaysia, the commission also handles monitoring and enforcement activities to ensure compliance with business registration and corporate legislation. Business owners can choose to incorporate their business aa Sole Proprietorship or Partnership incorporate their company aa Company Limited by Share ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sabah
Sabah () is a States and federal territories of Malaysia, state of Malaysia located in northern Borneo, in the region of East Malaysia. Sabah has land borders with the Malaysian state of Sarawak to the southwest and Indonesia's North Kalimantan province to the south. The Federal Territory (Malaysia), Federal Territory of Labuan is an island just off Sabah's west coast. Sabah shares maritime borders with Vietnam to the west and the Philippines to the north and east. Kota Kinabalu is the state capital and the economic centre of the state, and the seat of the Government of Sabah, Sabah State government. Other major towns in Sabah include Sandakan and Tawau. The 2020 census recorded a population of 3,418,785 in the state. It has an equatorial climate with tropical rainforests, abundant with animal and plant species. The state has long mountain ranges on the west side which forms part of the Crocker Range National Park. Kinabatangan River, the second longest river in Malaysia runs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sarawak
Sarawak ( , ) is a States and federal territories of Malaysia, state of Malaysia. It is the largest among the 13 states, with an area almost equal to that of Peninsular Malaysia. Sarawak is located in East Malaysia in northwest Borneo, and is bordered by the Malaysian state of Sabah to the northeast, Kalimantan (the Indonesian portion of Borneo) to the south, and Brunei in the north. The state capital, Kuching, is the largest city in Sarawak, the economic centre of the state, and the seat of the Sarawak state government. Other cities and towns in Sarawak include Miri, Malaysia, Miri, Sibu, and Bintulu. As of 2020 Malaysia census, the population of Sarawak was 2.453 million. Sarawak has an equatorial climate with tropical rainforests and abundant animal and plant species. It has several prominent cave systems at Gunung Mulu National Park. Rajang River is the longest river in Malaysia; Bakun Dam, one of the largest dams in Southeast Asia, is located on one of its tributaries, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labuan
Labuan (), officially the Federal Territory of Labuan (), is an island federal territory of Malaysia. It includes and six smaller islands off the coast of the state of Sabah in East Malaysia. Labuan's capital is Victoria, which is best known as an offshore financial centre offering international financial and business services via Labuan IBFC since 1990, as well as being an offshore support hub for deepwater oil and gas activities in the region. It is also a tourist destination for people travelling through Sabah, nearby Bruneians, and scuba divers. The name Labuan derives from the Malay word ''labuhan'', which means "harbour". History For three centuries from the 15th century, the north and west coast of Borneo including the island of Labuan was part of the Sultanate of Brunei. In 1775, Labuan was temporarily occupied by the British East India Company after the failure of the company's station at Balambangan Island. The Sultan of Brunei, Omar Ali Saifuddin I tried ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Registration Office (Ireland)
The Companies Registration Office (CRO; ) registers and incorporates companies in Republic of Ireland, Ireland and files their annual returns. The CRO has a number of core functions: *The incorporation of companies. *The receipt and registration of post incorporation documents. *The enforcement of the Companies Acts in relation to the filing obligations of companies. *Making information on companies available to the public. It also registers the names of businesses which are non-limited trading entities such as sole traders and partnerships. It also has the ''Office of the Registry of Friendly Societies'' which registers Industrial & Provident Societies, Friendly Societies and trade unions. In 2019, the Register of Beneficial Ownership was introduced into Ireland. That was implemented on the back of the EU’s Fourth Anti-Money Laundering Directive, which essentially requires all member states to hold adequate, accurate and current information of all beneficial owners. A benefi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
VAT Identification Number
A value-added tax identification number or VAT identification number (VATIN) is an identifier used in many countries, including the countries of the European Union, for value-added tax purposes. In the EU, a VAT identification number can be verified online at the EU's official VIES website. It confirms that the number is currently allocated and can provide the name or other identifying details of the entity to whom the identifier has been allocated. However, many national governments will not give out VAT identification numbers due to data protection laws. Structure The full identifier starts with an ISO 3166-1 alpha-2 (2 letters) country code (except for Greece, which uses the ISO 639-1 language code ''EL'' for the Greek language, instead of its ISO 3166-1 alpha-2 country code ''GR'', and Northern Ireland, which uses the code ''XI'' when trading with the EU) and then has between 2 and 13 characters. The identifiers are composed of numeric digits in most countries, but in some ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
