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Business structures HB p.5 - 6 (Sole trader (no rigister, certain amount…
Business structures HB p.5 - 6
Partnership
General partnership
no minimum amount of equity
written partnership agreement recommanded
no separate legal identity
personally liable
less paperwork
financial information private
Limited liability partnership (LLP)
more paperwork
limited liability for debts of the firm
financial information public
partners = members = owners
Limited Companies
Features:
separate legal identity
registered on the Register of Companies
put capital into cash / tangible assets
articles of association
Types:
Private company (Limited = Ltd)
Public company (Plc)
Sole trader
no rigister
certain amount of money every year
unlimited liability for your debts
easy
less administration