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Introduction to business 1: Business structures
 
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Should you operate your new business as a sole trader, partnership, or company? In this animated video, Inland Revenue explains three common business structures.
How a Sole Proprietorship Works | Introduction to Legal Structures
 
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Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 The most common form of ownership for new businesses is a sole proprietorship. With tax benefits and relative ease of formation, the sole proprietorship serves as an attractive form of ownership for many new startups. Despite its advantages, a sole proprietorship contains several significant disadvantages that need to be considered. Over the course of this video,​ we'll outline some of those significant disadvantages.
Business Studies - Legal Structure Structure: Business Exam Tips
 
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Get Unlimited Access to GCSE Tutor Videos & Online Revision Here for £19.99: http://www.revisionapp.co.uk/product/online-gcse-revision. The legal structure a business chooses is fundamental to the way it operates. This legal framework determines who shares in the profits and losses, how tax is paid, where legal liabilities rests. It also determines the nature of a business' relationships with business associates, investors, creditors and employees. There are three options for a business' legal structure: Firstly, sole traders. These are individuals who run an unincorporated business on his or her own. Sometimes otherwise known as a "sole proprietor" or (in the case of professional services) a"sole practitioner". Examples of these are mobile hairdressers, plumbers, market traders etc. Sole traders are legally allowed to have paid staff but have full responsibility in financing them from their own pockets. This may be from loans or savings. However, they'll always have full control of the business and take all the profits! One of the benefits of being a sole trader is that it's the most straight-forward option. Individuals are taxed under the Inland Revenue's Self-Assessment system, with income tax calculated after deduction for business expenses and personal allowances. One of the disadvantages of being a sole trader is that they face unlimited liability for their debts. There is no legal difference between the business and the owner. If the businesses is in trouble, so is the owner! An alternative option is to incorporate a company. This will give the business a separate legal identity from the owners. Profits and losses are the company's and it has its own debts and obligations. Unlike sole trading, the company continues despite the resignation, death or bankruptcy of management or shareholders. An incorporated company also offers the best vehicle for expansion and the potential for investment from outside sources. The two main types of companies are private limited companies and public limited companies. Private limited companies are often small, family run businesses which are owned by shareholders. Every shareholder must have involvement in the business and none of the shares are allowed to be sold to the public. Public limited companies (also known as PLCs) are a much larger type of joint-stock company. They can sell its shares on the Stock Exchange to the public and can raise a lot more finance. The third structure is a partnership. A partnership is an association of individuals and generally there will be between 2 and 20 partners. Common examples of a partnership include doctor's surgeries, veterinarians and solicitors. Unlike an incorporated company a partnership does not have a "legal personality" of its own. This means that each partner is responsible for the debts of the partnership. Normally, partners share the profits equally. Therefore the operation of a partnership is usually governed by a "Partnership Agreement" which details the responsibilities and rights of each partner. It is really important that if you enter a partnership, you pick the right people!
Sole Trader vs Limited Company legal company structure
 
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Sole Trader vs Limited Company Irish legal company structure
Finding the Right Business Structure
 
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Will you form a sole proprietorship? A partnership? A corporation? A limited liability company? There are pros and cons to each. Watch this video to learn how each structure can affect operations, registration and filing fees, liability, and taxation.
Views: 33355 John Deere
Things to know before you start a Sole Trader Business in UK
 
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Sole trader business is the most common form of business in the world. This video clearly explain advantages and disadvantages of sole trader business, as well as legal responsibilities of a sole trader owner in UK to avoid penalties.
Views: 3046 BUSINESS IN A SECOND
Sole Trader, Self Employed or Limited Company
 
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Descriptive video covering the differences between a sole trader (self employed) and a Limited Company for start ups
Views: 14944 Simon Kallu
What Is A Sole Proprietorship? - QuickBooks US
 
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If you’re the only owner in your business and haven’t formed a business entity, then you are a Sole Proprietor. What this means is that there’s no legal distinction between you and your business – you are one in the same. Follow for More QuickBooks Videos for the United States: https://www.youtube.com/user/Quickbooks
Views: 76726 QuickBooks
Sole proprietorship (Ytube).mp4
 
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Pros and cons of sole proprietorship.
Views: 78690 Jeff Short
Sole Trader versus Limited Company
 
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Choosing the correct legal entity for your business - should you opt for Sole Trader or Limited Company? Here's Rob's advice...
Business Structures in The UK: 'Why You Must Have One' - Part 1 - Business Structure By Boomy Tokan
 
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$10 (Limited) Coupons To My Business Planning and Marketing Courses: Business Plan: Learn It Fast! https://www.udemy.com/business-plan-learn-how-to-create-it-in-1hr/?couponCode=YOUTUBE2017 Business Plan: For Startup & Small Business Success! https://www.udemy.com/how-to-write-your-first-business-plan-with-cashflow-forecast/?couponCode=YOUTUBE2017 Smart Goal Setting: How to Create The Future You Want Today https://www.udemy.com/goal-setting-start-creating-the-future-you-want-today/?couponCode=YOUTUBE2017 5 Step Marketing Plan - Get More Customers & Make More Money https://www.udemy.com/5-step-marketing-plan/?couponCode=YOUTUBE2017 Business Structure So what is a business structure: Business structures are predetermined processes established by the government of each country through which a business chooses to govern itself, become liable for tax and keep important financial records. It is a mouthful because I am trying to get everything into it. In other words a business structure is: 1. Established by the government 2. Helps an individual starting in business to be free to choose the structures they prefer (as long as they meet the criteria) 3. In place to determine the time and method of taxation By Law Every Business Must Choose A Business Structure! Everyone willing to start a business must choose the vehicle through which he/she hopes to build, manage, pay tax, enjoy tax breaks & exemptions for the business. Sometimes it is possible that the manner in which you plan to raise funds will eventually dictate the type of business structure you choose. Again, the business activity plus the end objectives can also influence considerably the type of business structure you choose. If your activities will be pure charitable without the concern of keeping profits for yourself then, the structure chosen will be different from that of the person who wants to build a business for pure profit. I must also remind you that the business experience of the individual might also influence the business structure. What I mean is that for someone new to entrepreneurship, having a limited company might make them confused, scared, and terrified rather aid the smooth running of the business. Such a person might be better choosing the Self-Assessment route instead of choosing to set up a limited company. The good news is that none of the business structures chosen are cast in stone. It is possible to always change the structure you choose if you or your business has outgrown the process. In the UK there are several types of business structures; the common ones are: 1, Self-Assessment aka Sole Trader aka Self-Employed 2. Limited Companies aka Ltd. aka Limited by shares 3. Charities aka CIO’s, aka Charity 4. Limited by Guarantee Companies 5. Community Interest Companies aka CIC 6. Partnerships 7. Limited Partnerships In this video we will discuss Self-Assessment aka Sole Trader aka Self-Employed More Info: https://www.sba.gov/category/navigati... - USA https://www.gov.uk/business-legal-str... - UK ========================================= Products on Udemy A Simple Business Plan Template To Supercharge Your idea! https://www.udemy.com/supercharge-you... "The Perfect Business Plan: That Wins The Investors Hearts!" https://www.udemy.com/how-to-write-yo... Facebook Secrets: How I Got 30,000 Likes At Very Low Cost https://www.udemy.com/how-i-went-from... Learn Cashflow Forecasting in 5 Easy Steps https://www.udemy.com/cashflow-foreca... =========================================== My Amazon ebooks and Audio http://bit.ly/Amazon-Boomy-Tokan-Book... ========================================= Need help with your business? Business Consulting email [email protected] Let me know how I can be of help ========================================== Contact Boomy Tokan Start Your Own Business Academy.com 395 Barking Road London E13 8AL T: +44 7932 394 620 E: [email protected] FB: https://www.facebook.com/startyourown...
When to Use a Sole Proprietorship | Mark J Kohler | Tax & Legal Tip
 
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Sign up for my weekly newsletter to download my FREE E-book "The 10 Best Tax-Saving Secrets Everyone Should Know" or schedule a FREE 15 Minute Interview with an Attorney or CPA from my team! Visit http://markjkohler.com/youtube Follow me on my social media with DAILY and WEEKLY Tips and Blog Articles, and also catch me surfing at http://www.markjkohler.com/social. To purchase my new book: "The Tax and Legal Playbook" please visit the Entrepreneur bookstore here: http://amzn.to/1cWlhor Check out my Law Firm KKOS Lawyers at http://www.kkoslawyers.com Visit my Accounting Firm K&E CPAs at http://www.ke-cpas.com Help us caption & translate this video! http://amara.org/v/aTj3/
Views: 10842 Mark J Kohler
How to Pay Yourself as a Sole Proprietor
 
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Jarell explains how to pay yourself as a sole prop. Hint: an owner's draw. What is an owner's draw? - An Owner's draw means taking money from the business for personal use. How is it taxed? -In a sole prop, both the owners draw and the business profits are taxable on your personal income tax return. How much do you take? - It's completely up to you. Just make sure that however much you take is both available in your bank account and you have accounted for any taxes you may owe down the road. How do you do the draw? -You can take the draw by cutting yourself a check, an electronic money transfer or by doing a cash withdraw. And don't forget: Always check with your CPA to ensure that you are capturing your owner's draw correctly. Interested in learning more about owner's draw? Check out the articles below: [READ] Want to Do an Owner’s Draw? Here’s the Overview You Need https://goo.gl/NEnaiX [READ] How Much Can I (and Should I) Pay Myself? https://goo.gl/co2U8C Ask Gusto is a YouTube series designed to answer your top payroll, HR, and benefits questions. New episodes come out regularly — feel free to ask what's on your mind, and we'll answer it! Who is Gusto, exactly? Gusto serves over 40,000 small businesses across the country with a refreshingly easy payroll, benefits, and HR solution. To learn about Gusto, visit: https://www.Gusto.com. For more small business answers, visit us at: https://www.gusto.com/ask-gusto
Views: 9632 Gusto
Should I be a sole trader or limited company?
 
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AEL partners are chartered accountants based in London, who have over 25 years experience in providing timely solutions to businesses and their owners. If you would like more information about the video you have just watched, or to speak to Marc Bennett, call AEL partners today on 020 7433 6940 or email [email protected] Alternatively, you can visit the website www.aelp.co.uk.
Views: 6875 AEL Partners
Which Company Structure is Right For Me? Sole Trader Vs LTD Company
 
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Emily covers everything you need to know to make an informed decision about whether to be a Sole Trader or Limited Company.
Views: 6774 MadeSimple
Sole Trader vs  Limited Company
 
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Visit www.RenttoRentAcademy.co.uk for more great videos and information on property investing and business! Connect with Jacquie on Facebook: http://on.fb.me/1SFvqZY Connect with Jacquie on Twitter: http://bit.ly/20SJYGw About Jacquie: Jacquie Edwards is the Property Go-To Girl. She is a property investor, entrepreneur, best-selling author and newbie YouTuber :) Jacquie helps property investors and business owners boost their businesses with new strategies and top tips! Visit Jacquie's website at: http://www.PropertyGoToGirl.co.uk Visit the #1 place online for Rent to Rent Information: http://www.RenttoRentAcademy.co.uk ______________________________________________ I often get asked if you should register as a limited company when setting up a Rent to Rent business or run it as a sole trader. In this brief video I want to give you some pros and cons of each.
Views: 8237 Jacquie Edwards
Business Structure - Sole Trader
 
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Business Structure - Sole Trader
Views: 78 Expert Tax
Starting a Business- Sole Proprietorship
 
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STARTING A SOLE PROPRIETORSHIP The various different type of business: • Sole Proprietorship, • Partnership or LLP, • Corporation • C Corporation, • S Corporation, • Limited Liability Corporation (LLC). I go into detail on the pro's and con's in my blog post "Which Business Entity To Choose" at christinewilcher.com. In this blog we will focus on a sole proprietorship business. Please check out future blogs for information on starting other types of business entities Step 1: Sole Proprietorship Sole Proprietorship - Usually owned by one person Pro's and Con's when starting a sole proprietorship + Pro's - Con's • The easiest business entity to create • The cheapest business entity to create • The quickest business entity • No protection for your personal assets. • Everything is attached to your personal credit • Greater chance of you being audited • Takes your business out of consideration for some government and business to business contracting • Some may view it as less trust worthy Starting a Sole Proprietorship steps 1. Legally accepted picture ID 2. County Clerk Office address and office hours 3. Determine the new business name 4. Ask for the Sole Proprietor Doing Business As (DBA) business form 5. Fee (in Texas it is less than $20) NOTE: You will be provided a sealed stamped document verifying you have a business (keep this for in a safe place) Step 2: Get your EIN number. Why do you need an EIN number when stating a sole proprietorship? • You will need an employer identification number to do business as any entity other than a sole proprietorship (Sole Proprietors can use their social security number) • The EIN number is how the IRS identifies the business, and is used when filing income tax. • You will need your EIN number • to open your business bank account and • Sign up for DUN and Bradstreet ( to establish your business credit) • Sign up for CCR ( if planning to do government contracting) • NOTE -- U.S. Banks are required to notify the IRS when accounts have cash deposits of 10,000 plus. To find more information check out the Bank Secrecy Act. How much does an EIN number cost? • It is FREE to get an EIN number. Where to Get your EIN number? • To get your Employer Identification Number (EIN) you will need to go to IRS.gov and fill out an SS-4 Form or click the link below and select Apply online now http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online What Information will I need? • You will need to have provide your business type and personal information. • NOTE - Depending on the type of products or services provided you may need to get a sales tax certificate. Check with your state Comptroller's office to get more details. Step 3: Open a Business Bank Account when stating a sole proprietorship • Go to your local bank or credit union and see if they offer business accounts. Otherwise you can inquire at any bank but I go with the bigger banks so I have access to • Chase -- At the time of this video chase has a second chance account which all you to open an account if you have bad credit and • Wells Fargo -which in my opinion offers more services to help small businesses. • TIP- if you have bad credit talk to a friend or relative to see if they will open the business account for you and add you as a signer on the account. It helps if you offer them a small ownership stake. Step 4 : Create a Web Presence You will need: • Web hosting -- Bluehost HostGator Step 5 (Optional): Create a Business Plan For additional information on starting a business consider the following resources: Step by Step manual by Robert Berman The Small Business Start-Up Kit: A Step-by-Step Legal Guide NOTE - I will go more into future blog posts on how to setup an online presence. Disclaimer: I am not an attorney or accountant please seek professional services for additional information. My views do not represent the views of any of the companies or entities listed.
Views: creat4u29
Sole Proprietor: 3 Tips for Successful Business Development
 
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http://www.docstoc.com/youtube - Click to Download 25,000+ Business Forms & Templates! Sole Proprietor: 3 Tips for Successful Business Development Click Here To See More From This Expert: http://www.docstoc.com/profile/corey-quinn Corey Quinn is Vice President of Business Development at The Search Agency (http://www.thesearchagency.com). During this video he shares three tips for successful business development for the sole proprietor. This information will help sole proprietors when trying to develop successful business relations. Docstoc has over 20 million business and legal documents to help you grow and manage your small business and professional life. Thousands of how-to articles and videos with fresh content uploaded every day. Attorney reviewed documents to save you time and money. Connect with us on Facebook - http://www.facebook.com/DocstocFB Connect with us on Twitter - https://twitter.com/#!/docstoc Connect with us on Google+ - https://plus.google.com/103801755756812961700 Keywords: "Small business" Entrepreneurs Entrepreneurship "How to start a business" "Starting a business" Startups "Startup business" Financial Success DIY "Docstoc Videos" Docstoc "Corey Quinn" "The Search Agency"
Views: 12612 docstocTV
7 Key Advantages Of Having A Limited Company!!!
 
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In this video I go over 10 Advantages in total for setting up a limited company vs sole trader - Watch until the end for the disadvantages too! My FULL Amazon FBA UK Course: https://jonny-bradley.com FREE AMAZONON FBA UK FACEBOOK GROUP: https://goo.gl/TBPSnn SUBSCRIBE: https://www.youtube.com/jonnybradley 7 Key Advantages Of Having A Limited Company + 2 bonus advantages and disadvantages of setting up a limited company vs sole trader. 1. Tax and Take Home 2. Distinct Entity 3. Limited Liability 4. Naming 5. Shareholders and Funding 6. Costs 7. Selling the Business and Succession 8. Credibility 9.Pensions 10. Splitting Income —— —— Must Have Software or services: Final Cut Pro: https://goo.gl/3ezNhJ Wix Websites: https://goo.gl/yVCXaB FETCHER: https://www.goo.gl/eSd9sa JUNGLESCOUT: http://www.goo.gl/2iLtLj Clickfunnels 14 Day Trial: https://goo.gl/9RJ9fY —— Recommended reading: DotCom Secrets: http://amzn.to/2wyQhZb Expert Secrets: http://amzn.to/2iUG98d 4 Hour Work Week: http://amzn.to/2wyBcH2 Business Idea Factory: http://amzn.to/2x5q8mg Get these recommendations as audio books for free: https://goo.gl/cxEpXo My info :) Facebook: https://www.facebook.com/jonny.s.bradley Instagram @JayBeeJonny Email: [email protected]
Views: 25667 Jonny Bradley
Business Structures in Australia
 
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Australian lawyer James Irving of Irving Law http://irvinglaw.com.au helps you choose the right legal structure for your business. Features information about the following: sole trader; partnership; company; twin holding company / trading company structure; trading trusts; co-operative; and, joint venture. A downloadable summary PDF table will be available from the lawyer's website.
Views: 4763 irvinglawAU
3.1 8 Sole Traders
 
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Discusses the pros and cons of the sole traders ownership structure.
Views: 1108 Mr Evans Business
How to Start a Business: Setting Up as a Sole Trader
 
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If you need any advice or support to start your own business, contact BES on 0845 6787 826 or visit www.enterprisesupport.org If you need funding to get your idea started, apply for a Virgin Start Up loan: www.virginstartup.org/bes - Thinking of starting a new business? Have you decided to set up as a sole trader, partnership or limited company? Our Enterprise Coach, Martin Russell dispels some myths and raises some considerations you should take into account when choosing a legal structure for your new business. Starting as a Sole Trader Martin outlines some of the advantages and disadvantages of starting as a sole trader over other structures. We've also got a video on how to start a partnership too, watch it here: https://youtu.be/Em73jHsqafY
Bee Business Bee Ownership Types Presentation
 
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Join BeeBusinessBee in this short presentation that looks at the different types of business ownership structure that exist. This session if perfect for all Business Studies students studying; BTEC Business, GCSE Business or AS/A Level Business. Business Ownership types covered in this resource include; Sole Trader, Partnership, Private Limited Company (Ltd) and Public Limited Company (PLC). The concept of unlimited and limited liability are also covered in this presentation. More resources can be found at; www.beebusinessbee.co.uk
Views: 32237 Bee Business Bee
Should I register as a limited company or a sole-trader?
 
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Choosing a legal structure is one of the most important decisions you'll make when starting your business. Informi is a free and impartial online resource for small businesses and startups. You can find more about choosing a legal structure here: https://informi.co.uk/articles/how-do-i-choose-legal-structure-my-business Download our free how to start a business in 20 days ebook here: https://informi.co.uk/articles/how-start-business-20-days-ebook
Views: 3770 Informi
Sole Trader vs Company vs Trust
 
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Are you a sole trader? One of the most important challenges in running your business is to structure it to make it the foundation for your success. Watch this to briefly review your options. Read more here: http://beany.com.au/sole-trader-vs-company-vs-trust/
Views: 1692 Beany
Business Structures in The UK  'Sole Trader' - Part 2 - Get a Business Sturcture By Boomy Tokan
 
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$10 (Limited) Coupons To My Business Planning and Marketing Courses: Business Plan: Learn It Fast! https://www.udemy.com/business-plan-learn-how-to-create-it-in-1hr/?couponCode=YOUTUBE2017 Business Plan: For Startup & Small Business Success! https://www.udemy.com/how-to-write-your-first-business-plan-with-cashflow-forecast/?couponCode=YOUTUBE2017 Smart Goal Setting: How to Create The Future You Want Today https://www.udemy.com/goal-setting-start-creating-the-future-you-want-today/?couponCode=YOUTUBE2017 5 Step Marketing Plan - Get More Customers & Make More Money https://www.udemy.com/5-step-marketing-plan/?couponCode=YOUTUBE2017 Business Structure So what is a business structure: Business structures are predetermined processes established by the government of each country through which a business chooses to govern itself, become liable for tax and keep important financial records. It is a mouthful because I am trying to get everything into it. In other words a business structure is: 1. Established by the government 2. Helps an individual starting in business to be free to choose the structures they prefer (as long as they meet the criteria) 3. In place to determine the time and method of taxation By Law Every Business Must Choose A Business Structure! Everyone willing to start a business must choose the vehicle through which he/she hopes to build, manage, pay tax, enjoy tax breaks & exemptions for the business. Sometimes it is possible that the manner in which you plan to raise funds will eventually dictate the type of business structure you choose. Again, the business activity plus the end objectives can also influence considerably the type of business structure you choose. If your activities will be pure charitable without the concern of keeping profits for yourself then, the structure chosen will be different from that of the person who wants to build a business for pure profit. I must also remind you that the business experience of the individual might also influence the business structure. What I mean is that for someone new to entrepreneurship, having a limited company might make them confused, scared, and terrified rather aid the smooth running of the business. Such a person might be better choosing the Self-Assessment route instead of choosing to set up a limited company. The good news is that none of the business structures chosen are cast in stone. It is possible to always change the structure you choose if you or your business has outgrown the process. In the UK there are several types of business structures; the common ones are: 1, Self-Assessment aka Sole Trader aka Self-Employed 2. Limited Companies aka Ltd. aka Limited by shares 3. Charities aka CIO’s, aka Charity 4. Limited by Guarantee Companies 5. Community Interest Companies aka CIC 6. Partnerships 7. Limited Partnerships In this video we will discuss Self-Assessment aka Sole Trader aka Self-Employed More Info: https://www.sba.gov/category/navigati... - USA https://www.gov.uk/business-legal-str... - UK ========================================= Products on Udemy A Simple Business Plan Template To Supercharge Your idea! https://www.udemy.com/supercharge-you... "The Perfect Business Plan: That Wins The Investors Hearts!" https://www.udemy.com/how-to-write-yo... Facebook Secrets: How I Got 30,000 Likes At Very Low Cost https://www.udemy.com/how-i-went-from... Learn Cashflow Forecasting in 5 Easy Steps https://www.udemy.com/cashflow-foreca... =========================================== My Amazon ebooks and Audio http://bit.ly/Amazon-Boomy-Tokan-Book... ========================================= Need help with your business? Business Consulting email [email protected] Let me know how I can be of help ========================================== Contact Boomy Tokan Start Your Own Business Academy.com 395 Barking Road London E13 8AL T: +44 7932 394 620 E: [email protected] FB: https://www.facebook.com/startyourown...
Should I File as Sole Proprietor, LLC or C Corporation?
 
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Choose the best product to sell on Amazon with this FREE tool: 🔥https://justonedime.com/lm/product-research-evaluation🔥 💪🏼 We show you step-by-step, from A to Z, how to build a successful business on Amazon that works for you instead of you working for it.💪🏼 🔥 https://justonedime.com/amazon-fba-coaching 🔥 Succeed on Amazon with 5 hours of weekly live coaching for an entire year, plus everything you need to utterly crush it on Amazon 👉🏻 https://justonedime.com/coaching 👈🏽 We are a growing network of entrepreneurs, impacting the world by helping those in need, investing in opportunities and new ideas, creating wealth, and living a life of meaning. ★ Follow us ★ ➜ Instagram: @sethkniep ➜ Twitter: @justonedime 🔥Beast up on knowledge 🔥 ➜ Just One Dime Amazon Warriors Facebook page: https://www.facebook.com/groups/jod.amazon.warriors/ ➜ Just One Dime Amazon Warriors iTunes podcast https://justonedime.com/itunes ➜ Just One Dime Blog: https://justonedime.com/blog If this video was helpful to you, please like, subscribe, and comment below! Subscribe here ➜ http://bit.ly/JustOneDimeSubscribe Setting up a business includes 10 million little tasks and legal hurdles to jump over that no one really has time for. I hope this video saves you time by breaking down the advantages and disadvantage of filing as a Sole Proprietor versus Limited Liability Company (LLC) versus a C Corporation. In the video when I talk about filing as a "corporation" I meant to say "C Corp" as there are more than one types of corporations. My advice is not meant to be legal advice so please make sure you check with a lawyer and do your research if you are unsure about your decision. But any advice I can help you with, let me know and I'll share what I DO know.
Views: 15463 Seth Kniep
Choosing your business structure: Tax basics for small business
 
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This video explains the business structures available to you when you run a business and how tax may apply to the different structures. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Sole Proprietorship vs. LLC vs. Corporation (Explained)
 
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This is a preview lesson from my course "How to Choose the Right Business Type." Get the complete course for only $15 (92% off the regular price) for a LIMITED time here: https://goo.gl/Li64oS ★ JOIN 1,000+ STUDENTS WHO HAVE CHOSE THE CORRECT BUSINESS STRUCTURE FOR THEIR BUSINESS & INCORPORATED THEIR BUSINESS ON THEIR OWN! ★ As a business owner, you face many decisions when it comes to starting, running, and growing your business. This course is designed to explain your options and help you decide the correct business type for your business. This course explains the advantages and disadvantages of the main business types, including Sole Proprietorship, Partnership, Limited Liability Company, C Corporation, as well as S Corporation. After I clearly explain each business type in detail and go over the advantages and disadvantages of each, I will explain how you can form your own entity so you can get started with your business and help protect yourself from liability. One of the most important steps in getting your small business off the ground is choosing the right business structure for your specific needs. In this course, we’ll take a look at the most common structures, including. Sole Proprietorship - Simplest business structure, no filing requirements, but no personal liability protection Partnership - Created automatically when 2 more persons engage in a business. By default, a business that begins with a verbal agreement or handshake is considered a general partnership. All partners share in both the day-to-day management and business profits. However, I highly advise using a written partnership agreement to form a partnership. Limited Liability Company (LLC) - A standard for most small businesses and online businesses. Features limited liability which means the owners of an LLC have no personal liability for the obligations of the LLC. An LLC is the entity of choice for a businesses seeking to flow through losses to its investors because an LLC offers complete liability protection to all its members. C-Corporation - A corporation is an independent legal entity owned by its shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs. Also feature Corporate Tax Treatment meaning that corporations file taxes separately from their owners S-Corporation - Pretty much the same as a C-Corporation + some tax benefits. Also, Profits and losses can pass through to your personal tax return. This means that the business is not taxed itself, only the shareholders are taxed. Sign up and find out for yourself why so many people are taking and recommending my courses! Essential Online Business Courses: http://www.mollaeilaw.com/courses Like me on Facebook: https://www.facebook.com/mollaeilaw Follow me on Twitter: https://twitter.com/mollaeilaw Read my Blog: http://www.mollaeilaw.com/blog Email: [email protected] Phone: (818) 925-0002 Subscribe to my YouTube channel for more videos to help you start and grow your business: http://www.youtube.com/c/Mollaeilaw ► This is a preview lesson from my course "How to Choose the Right Business Type." Get the complete course for only $15 (92% off the regular price) for a LIMITED time here: https://goo.gl/Li64oS
What Is A Sole Trader In Business?
 
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Sole trader or partnership? What is the best structure for your advantages and disadvantages of a sole company what trader? Freeagentlimited key tax & legal differences. There is no legal distinction between the business and owner a sole trader describes any that owned controlled by one person, although they may employ workers, eg newsagent's shop. Sole trader advantages benefits of operating as a sole. Understand the difference between a sole trader and is business structure whereby one individual runs owns whole. Organisation sole traders (gcse) business structure overview. Sole trader and being self employedbusiness victoria. Find out more about sole traders 2 may 2017 this guide examines the main differences between a business run by trader or as partnership and company, managed its 3 oct 2014 especially common amongst those going into on their own for first time, starting your has number of is that owned one person. Bbc gcse bitesize sole traders. Sole trader business. Sole trader a sole is the simplest form of business structure and relatively easy inexpensive to set up. It is the most common form of ownership in uk while there are no great barriers new zealand to becoming a sole trader, starting partnership or company, it still pays think about why you're doing. As the business register as a sole trader with hm revenue and customs legal responsibilities if you run self employed 'a is person who sets up owns their own. Tim gregory explains the pros and cons of business structures 24 may 2010 when thinking about opening your own business, you might well have given some consideration to becoming a sole trader. What is a sole trader? Smarta business builderbusiness queensland. Set up as a sole trader gov. Individuals who owners have to decide on the best legal structure for their business opting run as sole traders, partnerships or private limited companies. As a sole trader you will be legally 7 jun 2017 business structure is person trading as the individual responsible for all aspects of. Sole trader, also 10 nov 2016 as a sole trader you can't claim deductions for money 'drawn' from the business. Difference between a sole trader and company what is trader? Bbc gcse bitesize traders partnerships. It may have one or more employees. A sole trader has 22 jun 2016 if you are planning to operate your business alone (without any partners, including spouse), then a structure may be right for 31 oct traders spending large percentage of their time on tax returnssetting up in is great new chapter anyone's 21 2007 being the simplest way run business, and does not involve paying registration fees, but must register as self nov learn more about structure, & obligations, whether it's suitable 9 2014 you're thinking starting there all sorts implications. What is a sole trader? A small business guide to structure. Amounts taken from the business are not wages for tax a sole trader is owner who legally separate their and whose has no other owners. They may decide to employ other people but they are the only owner. This includes any debts 3 jul 2017 each business structure as different legal, tax and record keeping responsibilities.
Views: 76 Robert Robert
Australian Business Structures
 
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Overview of Australian business structures.
Views: 14900 PencilPitch
What is a Sole Proprietorship?
 
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Form your company for just $49 and state filing fees! »»» http://re180.io/FormMyCompany Whether you already own a small business or are considering starting one, you may be curious about what your business entity options are and the pros and cons of each. In this article I'll explore the sole proprietorship—what it is, how to form one, and its advantages and disadvantages. Sole proprietorship defined A sole proprietorship is an unincorporated business entity owned by one person. The business is identified with and intertwined with you. In other words, there is no legal distinction between you and your business. Thus, when your business makes a profit, it is personal income for you. When your business incurs a debt, it is your personal debt. When your business is sued, you are sued. The one-owner requirement of a sole proprietorship gets a little more complicated for married couples. Prior to 2007, the Internal Revenue Service allowed married couples who lived in a community property state (there are nine—AZ, CA, ID, LA, NV, NM, TX, WA, WI) to treat their jointly owned business as a sole proprietorship rather than a partnership. Now, all married couples have this option provided: (1) the only owners of the business are the husband and wife, (2) both spouses materially participate in the business, and (3) both spouses elect to be treated as a sole proprietorship and file a joint return. How to form a sole proprietorship A sole proprietorship is the easiest business entity you can form. Since you and your business are one and the same there aren't any formalities you must follow to form it. You simply announce to the world that you are in business and presto! You are a sole proprietor. As long as you continue to call yourself a business, you are a business. Nevertheless, there are a few formalities you must follow to operate it. For example: (1) If your business name is not the same as your personal name, then you must register a d/b/a or fictitious name statement in the county or state where your business operates (2) If you sell products or services subject to sales tax, then you'll need a sales tax permit If you have employees, then you must obtain a Federal Employer Identification Number (FEIN) by filing IRS Form 2553. (3) If you work from your home, then you may be subject to certain zoning restrictions. (4) If you work from an office or deal with the public, then you may need to obtain a business license or permit. Advantages of a sole proprietorship Easy and inexpensive to form—A sole proprietorship is the least regulated business entity. There are no forms to fill out or fees to pay to legally establish your business. Just say that you're open for business and you are! Simple tax treatment—Because there aren't any business income tax returns to file, there is no concern with complex bookkeeping or double taxation. All your business income and expenses are reported on your personal income tax return (IRS Schedule C and IRS 1040). Few compliance formalities—When it comes to maintaining your business as a sole proprietorship there is very little for you to worry about: there are no corporate records to maintain, no meetings to hold, no minutes to keep, no resolutions to draft, and no annual reports to file. Disadvantages of a sole proprietorship Unlimited personal liability—You are personally liable for all of the debts, liabilities, obligations, and taxes of your business. Your personal assets can be taken from you to satisfy a judgment. Furthermore, if you have employees, you are personally responsible for any legal claim against your employee when they act within the course and scope of their employment. Fewer tax reduction opportunities—Because of the simple tax treatment you have fewer tax reduction strategies available to you. The result: you may pay higher taxes than you need to. As a sole proprietor you cannot take advantage of special business income tax rates or deductions. Difficulty obtaining capital— Whether it's finding human capital or financial capital, finding much-needed resources for a sole proprietorship is very difficult.
Views: 10370 reference180.com
Which business structure is best for you?
 
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http://www.thinkaccountants.net.au Which business structure is best for you? In this video we explore the differences between various business structures such as a company, trust, sole trader, and partnerships, as well as roles like trustees. Each business type has their own benefits as well as responsibilities when it comes to risks and liabilities. Being able to understand the different types of business structures is important to choose the best type for your circumstance. A business structure should also look at exit strategies for the future and understand tax implications. For more information, contact Paul at Think Accountants LinkedIn - https://au.linkedin.com/pub/paul-raye/30/128/560 Facebook - https://www.facebook.com/thinkaccountants Twitter - https://twitter.com/thinkaccounts
Limited Company Or Sole Trader - Starting A Business (UK) - It's A No Brainer
 
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In this video I talk about if you should choose the legal structure of being a Limited Company or a Sole Trader when starting a business. Spoiler Alert - It's a flippin' no brainer, Limited Company every time, anyone who tells you otherwise needs to be tapped to a chair and tickled until they pee. Follow Kevin on Instagram, Facebook and Twitter @thekevindurham
Views: 80 Comedy Bloke
Business Structures - Sole Traders & Partnerships
 
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Welcome to another video in our "Taking Care Of Business" series. In this short video, Stephen McHenry, Partner at McHenry Partners, examines two of the simplest business structures; Sole Traders & Partnerships. Your choice of business structure is very important and for further information, visit our website http://www.mchenry.com.au/ or call our office on 1300 789 844.
Views: 184 McHenry Partners
Sole Proprietorship: The Structure That Simplifies Your Business
 
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Makeup artist and eyebrow expert Suzie Moldavon discusses why she chose to be a Sole Proprietor. http://suziemoldavon.com/ Run your whole business better with QuickBooks. Be sure to SUBSCRIBE to our YouTube Channel and if you have any questions, feel free to leave a comment! http://quickbooks.intuit.com/ https://www.facebook.com/IntuitQuickBooks https://plus.google.com/+quickbooks/posts https://twitter.com/QuickBooks
Views: 1929 QuickBooks
How to register a business as a sole trader
 
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A step by step guide to registering a Sole Trader business online. www.taxsupport.com.au
Views: 22066 Nathan Wilson
Types of legal business structures - Year 11 VCE Business Management - AOS3
 
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A video created by Year 11 Business Management students on the types of legal business structures such as sole trader, partnership, private limited company, public listed company and the factors affecting choice of business structure
Views: 469 Bryce Flannery
Sole Trader and Taxes in the UK
 
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It's time to talk about taxes in the UK. Tax is a ugly word, which everyone should know more about. Have a watch and hopefully I won't bore you to death! Here are the links: UK Tax and Credit Rates 2014/2015: https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2014-15/tax-and-tax-credit-rates-and-thresholds-for-2014-15 Self Employed Info: http://www.hmrc.gov.uk/working/intro/selfemployed.htm#3 Self Assessment basics: http://www.hmrc.gov.uk/sa/understand-statement.htm National Insurance basics: http://www.hmrc.gov.uk/ni/intro/basics.htm Income Tax Allowances rates: http://www.hmrc.gov.uk/rates/it.htm More on personal allowance: http://www.hmrc.gov.uk/budget2013/tiin-2531.pdf Payments on Account examples: http://www.freeagent.com/central/31st-july-2011-payments-on-account-due Tax relief on household expenses: https://www.youtube.com/watch?v=v8FsUIZpAKU UK PAYE Tax calculator: http://www.listentotaxman.com/index.php Keeping on top of your admin can be a tough one, here is how I'm getting through the nitty-gritty of it. Come and say HI! http://www.erikrva.com/
Views: 21695 ErikRva
sole trader vs company
 
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Views: 123 12931isb
Lawn Care Business Structure:  Sole Proprietor, LLC, or S Corporation
 
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SUBSCRIBE FOR MORE LAWN CARE BUSINESS VIDEOS http://www.youtube.com/subscription_c... LAWN BUSINESS RESOURCES INCLUDING -- video courses -- marketing letters -- free ebook -- logos -- recommended products http://www.start-lawncarebusiness.com RECOMMENDED PRODUCTS ON AMAZON https://www.amazon.com/shop/lawncarelife BUY LAWN CARE LIFE T-SHIRTS https://shop.spreadshirt.com/lawncarelife PATREON: Get Help for Your Business and Support the Channel http://www.patreon.com/lawncarelife Connect with Me -- http://facebook.com/thelawncarelife -- http://twitter.com/jasoncreel3 DISCLAIMER: Some of the products I recommend are affiliate links meaning I get a small commission at no extra charge to you. Thanks for supporting the channel. -~-~~-~~~-~~-~- Please watch: "How to Start a Lawn Care Business" https://www.youtube.com/watch?v=ojEY7NIQSwk -~-~~-~~~-~~-~-
Views: 7496 Lawn Care Life
Alternative Business Structures - Sole Traders & Partnerships
 
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Welcome to another video in our "Taking Care Of Business" series. In this short video, Josh Vagg, Partner at O'Bryan & O'Donnell, examines two of the simplest business structures; Sole Traders & Partnerships. Your choice of business structure is very important and for further information, visit our website http://www.obryanodonnell.com.au/ or call our office on (03) 5744 3861. Growing your wealth is our passion so talk to us today.
SOLE PROPRIETORSHIPS - Advantages and Disadvantages
 
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This talk on the advantages and disadvantages of owning a business as a sole proprietorship is one of a series of talks by Attorney Bob Litchfield on Success for Business Entrepreneurs.
Views: 40005 LitchfieldLaw
Choosing the Right Legal Structure
 
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An HMRC guide to choosing the most suitable legal structure for your new business. HMRC is the UK’s tax, payments and customs authority. We collect the money that pays for the UK’s public services and help families and individuals with targeted financial support. Why not ask a question or share your experiences on HMRC’s Small Business Forum? You can find it here: https://online.hmrc.gov.uk/webchatprod/community/forums/list.page Follow HMRC on social media: • Twitter: https://twitter.com/HMRCgovuk/ • Facebook: https://www.facebook.com/HMRC/ • LinkedIn: https://www.linkedin.com/company/hm-revenue-&-customs For help with general queries relating to any of HMRC’s products and services, talk to us on: • Twitter: https://twitter.com/HMRCcustomers/ • Facebook: https://www.facebook.com/HMRC/ Sign up for your Personal Tax Account. Join the millions of customers already using their online account to check and update their records and see their state pension details. It takes just 5 minutes at https://www.gov.uk/personal-tax-account
Views: 10099 HMRCgovuk
Soletrader
 
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Advantages and disadvantages of sole trading business
Views: 3594 Tourism Marketing
Are You a Small Irish Business Owner or Sole Trader?
 
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http://SmallBusinessLawIreland.com is a free resource for small business owners. It deals with many of the legal problems which face entrepreneurs and small businesses in Ireland. MY BOOKS Employment Law In Ireland: The Essentials for Employers, Employees and HR Managers http://amzn.to/2oDhR36 27 Irish Employment Law Cases: Priceless Lessons for Employers and Employees from Decided Cases of the EAT, Equality Tribunal, and High Court http://amzn.to/2oG4oHK How to Carry Out a Workplace Disciplinary Procedure: Avoid Costly Claims for Unfair Dismissal and Other Employment Related Claims http://amzn.to/2H1uR9i The Art of Marketing Your Services Business Online: How to Get New Clients With a Proven, Inexpensive 5 Part Digital Marketing Strategy http://amzn.to/2Fa5BB7 Buying a House in Ireland: A Step by Step Guide by a Builder/Solicitor http://amzn.to/2F9Z2ij
What Is A Sole Trader In Business?
 
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Views: 4 Fredda Winkleman
How I Chose a Legal Business Structure
 
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How do you choose the right #business structure? Sole Proprietorship, Partnership, Corporation or an LLC? I share my story of how I learned the difference between each one and which structure I chose that was best for my freelance business. 2:46 = Sole Proprietorship 3:33 = Partnership 6:55 = LLC (4:10) 4:25 = Corporation 5:40 = S-Corporation 8:24 = A Summary What is the best business structure for a freelancer and what is the difference? Episode Notes: http://freelancejumpstart.tv/5 https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Business-Structures Make sure to subscribe and look out for new episodes. https://www.youtube.com/nathanallotey?sub_confirmation=1 — Looking to level up in your freelance business? You may need Creative Coaching: http://nathanallotey.com/coaching — Freelance Jumpstart Podcast on iTunes: http://nathanallotey.com/itunesaudio Free Course on How to Double Your Worth: http://respectandvalue.com Like the content? Donate to the Cause: http://nathanallotey.com/donate Executive Producer - Nathan Allotey Typefaces: Proxima Nova — Contact Me My website: http://nathanallotey.com Twitter: http://twitter.com/nathanallotey Facebook: http://facebook.com/TheNathanAllotey Instagram: http://instagram.com/nathan.allotey Google+: https://plus.google.com/+NathanAllotey
Views: 285 Nathan Allotey