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ORGANIZATIONS (SOLE PROPRIETOR (unlimited liability - personal possessions…
ORGANIZATIONS
SOLE PROPRIETOR
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total autonomy, no books to keep, just tax return, very private
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owner does everything, one skillset, labour intensive
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LIMITED COMPANY
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Company registration number at CHouse with members as shareholders and run by MDs, limited liabilitry for directors to company assets only
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LEGAL ENTITY
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can make contracts, transact, own, employ and sue/be sued
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PARTNERSHIP
Partnership Act - Agreement documents - legal acknowledged to give some protection but no legal commitments
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problematic if sued as one can say they are not a partner in terms of protecting personal assets - hence the PAgreement
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Types of Limited
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Limited by Guarantee - in public interest, no shareholeders
Public (plc) - anyone can buy shares via the Stock Exchange - evolves from plc 'floated' on SE to public investors
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Business entails buying and selling - delivers many functions - creates employment, innovation, technology, society development
Business growth & decline cycle - establishment, growth, maturity, post maturity (grow or decline)
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PRIMARY (getting raw materials - mining), SEC (manufacturing it) TERTIARY (services sect), QUATERNARY (knowledge sect), QUINARY (specialist knowl- medical research and management)
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