The sole trader is their own boss and doesn't have to share earnings with anyone.

Corporation tax refers to the tax paid by companies on their business profits.

Unlimited liability means that if a sole trader's business goes bankrupt, they are personally responsible for the debts and may lose personal assets such as the

The CEO is the highest-ranking executive in a company, responsible for overall strategy, decision-making, leadership, and ensuring the company's objectives are

Personal earnings refer to the income individuals earn, while business profits refer to the earnings a business generates after expenses.

Corporation tax is a tax on business profits, whereas income tax is a tax on personal earnings.

A limited liability company pays corporation tax on business profits, which is usually lower than the income tax paid by sole traders.

Limited liability company, partnership, and sole trader.

Partners in an LLP must register the business with Companies House and submit annual returns and accounts.

Pay corporation tax on its profits, submit annual accounts to Companies House, and ensure that shareholders submit their own personal tax assessments separately

To "set up" a business means to establish or start a business, often involving legal registration, planning, and organizing resources.

A limited liability company requires more administrative work, including submitting accounts and paying corporation tax.