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Business Structures, Co-Operative, Private Limited Company, Sole Trader,…
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Co-Operative
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Formation: Must have a minimum of seven members and no max. Must register with Registry of Friendly Societies and Revenue.
Finance: Raised by issuing shares to other members of the co-op. No incentive to buy though as it isn't one vote per share.
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Control: Members own and control it. They also appoint a management committee to run day to day running
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Different Types: Financial, Producer and Worker
Private Limited Company
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Steps in Setting Up: Submission, Document preperation and Certificate of incorporation
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Profits: If theirs profit, shareholders receive a dividend. PLCs are subjected to corporation tax of 12.5%.
Dissolution: Shares can be sold or passed on to another person after the death of a shareholder. The company can be wound up by agreement of shareholders or court order in event of bankruptcy.
Sole Trader
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Finance: Can use personal savings, loans and grants to finance the business.
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Dissolution: There is no continuity of a sole traders business, if there is nobody else to take over the business.
Formation: Must register for self assessment tax and for VAT. If names different to traders name, they must register with the CRO.
Partnership
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Formation: Must register with Revenue and CRO. Partners don't have separate legal entities. Set up by agreement of solicitor outlining the partnership agreement.
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Dissolution: If a partner leaves the partnership ends. If more than one is left in it but a new deed needs to be drawn up
State Owned Enterprise
Control: Relevant government minister or board of directors. If board, they also appoint CEO
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