... sued, be taken over and be liquidated. Types of Business Organisations * The Sole Trader This is the simplest and most common form of ownership. It is owned by one person, although it may employ any number of people. Sole traders supply a wide range of goods and services. Establishing as a sole trader is very straightforward. There are no legal formalities involved with its foundation, however, once established, sole traders do have various legal responsibilities. 1. Once turnover reaches a certain level, the sole trader must register a VAT. 2. They must also pay income tax and National Insurance contributions. 3. Some business activities will need a license, i.e., taxi service. 4. Sometimes planning permission is required for certain business activity 5. The sole trader must comply with legislation aimed at business practice, e.g., Health and Safety. * Partnerships A partnership can be defined by "the relation which subsists between persons carrying on business with common view to profit." ...

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