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Business structures (Working for yourself (not have to register your…
Business structures
Working for yourself
sole trader
self-employed
not have to register your business
business certain amount of money -> register with tax authority
no limit to the amount of capital
unlimited liability for debts
Limited companies
Register of Companies
seperate legal identity
members only liable to pay for their shareholding in the company
written agreement
Private company
Public company
shares are traded publicly
Partnerships
Limited liability partnerschip
partners = members
owners of the business
liability for debts = limited
must publish regular financial information
General partnership
partners are personally liable without limit for debts of the firm
can keep partnership agreement + financial information private