Business Types
A person who owns a business alone and keeps all profits
sole trader
Money earned after all costs are paid
profit
Legally responsible for something
liable
To officially record a business with the authorities
register
Money invested in a business by its owners
capital
A person who works for themselves, not an employer
self-employed
Money put into a business to help it grow
investment
In danger of loss or damage
at risk
Happening once every year
annual
To add money or effort to a business
contribute
To operate and control a company
to run a business
Costs a business must pay
expenses
Involving possible danger or loss
risky
To control and organize business activities
manage
To remove someone from a partnership
expel
To use a particular business name
trade under
Tax paid on earnings
income tax
To force someone out of a business
expel
Keeping financial information for tax purposes
records and accounts
To remove someone from a partnership
dissolved
A possible choice when deciding how to organize a business
option
Money taken out of a business by the owner for personal use
drawings
When a business officially stops existing
dissolved
Official yearly reporting of income
self-assessment
To permanently leave business activity because of age
retire