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Setting up a business (Working for yourself (self-employed, discribed as a…
Setting up a business
Working for yourself
self-employed
discribed as a sole trader
no registration needed
unlimited liability
no limit to the amount of capital
Limited companies
Register on the Register of Companies
separate legal identity
Shareholders
Liable to its creditors
Owners put capital into the company
Cash
tangible assets
'Articles of Association'
Main types of limited companies
private company (Ltd)
public company (plc)
publicity of shares
Requirements and accounting procedures
partnerships
general partnership
personally liable
written partnership agreement
keeps information private
no minimum amount of equity
Limited liability partnership
LLP
partners are 'members'
publish financial information