Definition
For Employees: Withholding tax, also known as pay-as-you-earn (PAYE) tax, is an amount withheld from an employee's wages by their employer and remitted directly to the government. Withholding tax is based on the employee's earnings and tax status, as well as any applicable deductions or exemptions. It ensures that taxes are collected throughout the year and helps individuals meet their tax obligations.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.