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Differentiate sole trader, partnership , limited companies, public…
Differentiate sole trader, partnership , limited companies, public companies
sole trader
Unlimited liability
none legal requirements
1 owners
not required publication of annual accounts
power and profit
partnership
2-20 of owners
Unilimited liability
powers
each partner can take active
profit share among the partners
none legal requirement
not compulsory publication annual accounts
limited companyies
company name protected by law
possible to employ specialist staff
shareholders have limited liability
easy to raise capital
private limited companies & public limited companies
public companies
board of doctors
Responsible day to day operation
accountable to government minister
government minister
appoints Board and obtains funds
for the public corporation
the cabinet
decides performance of corporation
parliament
may question performance of public corporation
owned by central government