Please enable JavaScript.
Coggle requires JavaScript to display documents.
company law - Coggle Diagram
company law
sectors
public sector
emergency services
education
fire service
healthcare
third sector
charities
private sector
partnership
Advantages
More equity available to finance the business compared to a sole trader
Different partners can bring different skills
Workload is shared
Disadvantages
Unlimited liability
Profit is shared between the patners
Partners may not always agree on decisions for the business
private limited company
Advantages
Owner can retain control
More able to raise money
Limited liability
Disadvantages
Must be registered with the Registrar of Companies
High set-up costs (legal and administrative)
Harder to motivate and control workers
sole trader
Advantages
Small capital investment means
reduced start-up costs
Easy to set up
Freedom to make decisions
Disadvantages
Responsibility
Long hours
Unlimited liability
franchising
constitution of a company
memorandum
of association
article of association