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Title: Three types of business structure
Description: In this topic document the topics that are mentioned are: The three structures of the business and a summary of their features. Differences between each structure of business. How each business has access to business. The life time of the three types of business.
Description: In this topic document the topics that are mentioned are: The three structures of the business and a summary of their features. Differences between each structure of business. How each business has access to business. The life time of the three types of business.
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Module: Introduction to Finance
In this topic document the topics that are mentioned are:
1) The three structures of the business and a summary of their features
...
3) How each business has access to business
...
Corporations and other Forms of Organising Businesses
How is business organised?
There are different ways of setting up businesses
...
- Sole Proprietorship means, that one person oversees everything
...
Legally there is no separation between the business and the owner & the
managers
...
They are considered as the same entity legally
...
Due to no legal separation between the
owners & the businesses there is unlimited liability
...
-
Another way to set up a business is through a partnership
...
Hence personal tax needs to be paid
...
They have limited liability
...
However, in corporations the owners and the
corporations are not considered as same legal entity
...
There are also managers
...
You can
only lose as much as you invested in the business
...
Running costs are much higher as well
...
This is due to the legal principle of owners and business being classed as
the same entity
...
Life of the business:
-
For Sole Proprietorship life of the business is mostly the same as the life of the
owner
-
For partnership the life of the business is also the same as life of the owners
(partners)
-
For corporations the life of the business is not limited to the life of the owners
Title: Three types of business structure
Description: In this topic document the topics that are mentioned are: The three structures of the business and a summary of their features. Differences between each structure of business. How each business has access to business. The life time of the three types of business.
Description: In this topic document the topics that are mentioned are: The three structures of the business and a summary of their features. Differences between each structure of business. How each business has access to business. The life time of the three types of business.