Nature and Legal Structure of UK Companies: Assessment Report

Assessment

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Businesses and organisations in UK-...........................................................................................3
The legal business structure of UK companies............................................................................5
Recommendation for IOM Solutions company-..........................................................................7
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Assessment can be defined as the systematic basis which helps in effective learning as
well as helps in developing the students and individual. It is basically the process which involves
defining, selecting, designing, collecting, interpreting as well as analysing the information which
helps in increasing the learning and development of the students. This assessment will discuss
the nature and management of the company as well as the overall legal structure of the
companies in UK. Along with this, the recommendation will be discussed for the IOM solutions
for using the organisation type which will help them in expanding the business.
MAIN BODY
Businesses and organisations in UK-
Nature and management of Organisation:
IOM solutions is sole trader company which means it is the self employed person who is
considered as the owner of business. There are no partners and the shareholders involved for
making and consulting before making decisions. This enable the proprietor to enjoy the
maximum freedom for running the company.
Different types of laws:
 The legal requirements of the self assessments are such as-
 Registering for self assessment
 Choosing the name according to rules and laws
 Keeping the recordings for sales and expenses of business
 Sending the tax return every year
 Paying the tax bill
 Complying with HMRC's rules of VAT (Seddon and et.al., 2021)
Business transactions management of company:
The business transactions of the IOM solutions is managed by single owner who runs the
overall business. The owner is solely responsible for managing the business transactions of the
company by keeping the record of the overall sales and expenses which are occurring within the