This website uses cookies that help with improved and customized user experience. Please read our cookie policy for more information on the cookies we use.

Read Cookie Policy

What is a Business

When starting a business, you must decide what type of business entity you wish to establish. The type of business determines which income tax returns you have to file. The most common types of business structures are sole trader, partnership and company.

The following are the general types of business taxes:

  • Income Tax
  • PAYE
  • Corporate Income Tax
  • Value Added Tax
  • Land Tax

Business Structures

  • Sole Trader – someone who owns an unincorporated business by themselves. 
  • Partnership – a relationship existing between two or more persons who join to carry on a trade or business. 
  • Company – Under the Companies Act, a company means “a body corporate that is incorporated or continued under the Companies Act”. It is a separate legal entity from its shareholders or, in the case of a non-profit company, from its members. Upon its incorporation, a company has the capacity, as well as the rights, powers and privileges of an individual.