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BUSINESS STRUCTURES (limited companies (main types of limited company…
BUSINESS STRUCTURES
limited companies
Register of Companies
separate legal identity
liable to pay for their shareholding
company liable to its creditors
written agreement -> articles of association
capital or tangible assets by its owners
minimum amount of capital
different requirements and accounting procedures
main types of limited company
private company (LTD)
public company (PLC)
sole traders = self-employed
no register
minimum requirement
easy
unlimited liability (debts)
partnerships
Limited Liability Partnership (LLP)
members
owners of the business
limited liability (debts)
publish regular financial information
general partnership
oldest partnership
written partnership (not required by law)
partners are personally liable (debts)
financial information private
partners pay a capital (not a minimum amount)
partners