Contents - Tanzania Revenue Authority

More documents

Recommendations

Info

• The climate of your business location • Living environment of the people around (peace and tranquility, wars, peoples income, etc) 1.4 THE RIGHT BUSINESS PARTNER Having confirmed your business location and the necessary infrastructure in terms of human resources, related institutions, and relevant government departments, you should look into other criteria of selecting the right business partner. • Do you have the capacity to effectively run your own business? If yes, do you have the necessary skills to manage your enterprise? • Is it logical to manage the business alone or there is a need to form partnership with other people? Here you should take into account how you can run your enterprise during times of sickness, emergency, etc. • Have you observed all legal measures of establishing your partnership or cooperation? In looking for the right business partner, consider the following:- • The partner should be ready to take business risks. • Should have appropriate education and relevant skills to run the business. • Should have a vision and ambition of sustaining the business. • Should be willing to commit dedication, time, resources, and energy in order to develop the business. 1.5 DETERMINING THE BUSINESS STRUCTURE Knowledge of different forms of business will enable you to choose the appropriate structure for your new enterprise. The following are some of the forms of business. 3
• Sole proprietorship • Partnership • Private/Public company (a) Sole Proprietorship This type of business is solely owned by a person assisted by his/her children or spouse. The owner, may employ a manager but he/she remains the final decision maker and responsible for debt obligations of the company. In case of bankruptcy, the owner of the company will meet all obligations, profit and liabilities. This type of business structure has no requirement other than working capital, business license, and company registration and enterprise management. Its disadvantage is that everything lays on the owner’s shoulders. When his/her falls sick or entangled in problems, your business will certainly fall. Its advantage is that the owner has the freedom to plan and develop his business at a desired pace. (b) Partnership Partnership is made of two or more people (not more than 20) who have decided to join hands in business. The advantages of this structure are as follows:- • Develops working capital • Diversified skills as partners complement their business knowledge and experiences • Lowers tax rates in comparison to a sole trade (look at the example in section seven). • Each partner is bonded to the business; and all of them are liable to the business debts. (c) Company Companies fall into two categories namely: the private and 4
Page 3 and 4: CONTENTS PREFACE . . . . . . . . .
Page 5 and 6: administration, management skills w
Page 7: SN BUSINESS TYPE NO. OF EMPLOYEES B
Page 11 and 12: offence and upon conviction the lic
Page 13 and 14: Schemes. PART TWO 2.0 DEVELOPING YO
Page 15 and 16: PART THREE 3.0 DEVELOPING A SUCCESS
Page 17 and 18: (b) Opportunities • External capi
Page 19 and 20: PART FOUR 4.0 EFFECTIVE SALESMANSHI
Page 21 and 22: • Attract customers to buy at fir
Page 23 and 24: GOODS (c) Running Cost • Avoiding
Page 25 and 26: have obtained from this training.
Page 27 and 28: 6.3 TYPE OF RECORDS There are many
Page 29 and 30: At the end of each tax period add t
Page 31 and 32: enter into the country for example,
Page 33 and 34: Computation of duty and tax will be
Page 35 and 36: Example 5 Calculations Duty/Tax Typ
Page 37 and 38: • Income from business A person
Page 39 and 40: Allowable costs (i) Salaries and re
Page 41 and 42: (ii) Partnership Under a partnershi
Page 44: To pay tax voluntarily is an act of

Contents - Tanzania Revenue Authority

Create successful ePaper yourself

Delete template?

Save as template?