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Business Entities - Coggle Diagram
Business Entities
Sole Proprietorship
The simplest structure of business
managed and owned by one individual with no distinction between business and the owner
Unincorporated
Unlimited liability
Less regulated
Company
Incorporated association
Once it is formally incorporated, it becomes a separate legal person
Separate from the member and officer
Company enjoys perpetual existence
Limited Liability Partnership
an alternative business vehicle regulated under the Limited Liability Partnerships Act 2012 which combines the characteristics of a company and a conventional partnership.
Has legal status of a body corporate and unlimited capacity
Has perpetual successions
Limited Partnership
General partner
take part in management of firms but not limited partners
Limited partner
have limited liability in contributing towards business debts.
Partnership
business arrangement between two or more persons
same as sole proprietorship except there are more than 1 owner