Value Added Tax (VAT) is a consumption tax levied on the sale of goods and services at each stage of the supply chain. Unlike traditional sales taxes that are applied only at the final point of sale to the end consumer, VAT is imposed at every step of the production and distribution process. It is designed to be a fair and efficient way of taxing consumption.

Partnership tax returns involve the filing of a comprehensive financial document by a business partnership, where two or more individuals join forces to operate a business. In this collaborative business structure, the partners share the profits, losses, and responsibilities, and the partnership itself is not taxed. Instead, the profits and losses "pass-through" to the individual partners, who report this financial activity on their personal tax returns.

A limited company, often abbreviated as Ltd or LLC (Limited Liability Company), is a legal business structure that provides a distinct separation between the company and its owners, known as shareholders. This separation offers limited liability to shareholders, meaning their personal assets are generally protected in the event of business debts or legal issues. Limited companies are prevalent in various jurisdictions and are known for their flexibility and scalability.