T 3 Business Law

business with just 1 owner (proprietor), doesn’t have to be registered and the owner has unlimited liability, the owner pays just income tax

Sole trader

kind of a business that consist of at least 2 partners, who have unlimited liability, they have joint and several liability

Partnership

kind of business with at least 2 parners, one is called general partner and has unlimited liability, and others are called limited partners and have limited liability

Limited partnership

mixture of company and partnership, consist of members/partners who have limited liability, must be regitered, each member has to pay income tax

Limited liability partnership

company with at least 1 shareholders with limited liability up to the value of investment, shares can be bought only directly from shareholders, company is liquidated

Private limited company (ltd)

kind of business that consists of at least 2 shareholders with limited liability, shares are publicly avalible (can be bought on Stock Exchange)

Public limited company (plc)

person who works on his own and for himself

Self-employed

document that has to be delivered to tax office by sole trader and partnership, tax declaration

Annual self-assessement form

to invest, to put money into a business

to contribute

foce sb to do sth

to expel

money that the partners gain on the account of future profits from the partnership

Drawings

registered

Incorporated

if not

Otherwise

organisation that has rights and duties of individuals

Legal entity

payment of company’s profits to it’s shareholders usually once a year

Dividend

Maxiumum amount of share capital that the company can issue

Authorised share capital

first value of a share that doesn’t change  par value, face value

Nominal value

amount of money that you have to pay to buy a share

Market value

process in which all assets of the company are sold to pay its debs

Liquidation

considerable (znaczący)

Substential

company that is arealdy registered and can be sold

Off-the-shelf company

set of documents that a company has to deliver every year to Companies House, these documents give up-to-date information about company, the documents are: profit and loss account and balance sheet (shows the value of assets and value od debts)

Annual return

income tax that companies pay

Corporation tax

tax on income of individuals

Income tax

partners are liable for parnterships debts individually and together as a group

Joint and several liability

to resolve a dispute

To settle a dispute

warning that sth is going to happen

Notice

total

Aggregate

first shareholders of a company

Subscribers

exist

to subsist

1) depending on, 2) except [z zastrzeżeniem]

Subject to

to end, to terminate

to determine

Zaciągnąć dług

incure a debt

Znaleźć się w ryzykownej sytuacji

to be at risk

działać pod firmą

To trade under

Dochód z inwestycji

return on investment

Zastosować się do prawa

comply with law, abide by law

robić zysk/pieniądze

Make profit/money

robić biznes

To do business