Question

State the tax obligations of a Sole Trader, Corporation & Non-profit Organization.

Answer 1

Answer:

$x4y5 + x4y5$

Answer 2

The tax obligations of a Sole Trader:

If you operate your business as a sole trader, you are the only owner, and you control and manage the business. You are legally responsible for all aspects of the business. and losses can't be shared with other individuals. You can employ workers in your business, but you can't employ yourself.

The tax obligations of a Corporation:

A corporation tax liability refers to the legal obligation for a limited company to pay tax on its annual profits. As a director, you must register your company with HMRC for corporation tax, and pay the liability within nine months and one day of the company's accounting year-end.

The tax obligations of a Non-profit Organization:

All of the money raised or donated to a non-profit organization is used to fulfill the aims of the company and to keep it going. Usually, charitable organizations are tax-exempt charities or other forms of public benefit organizations, and as such are not expected to pay any taxes.