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Summary of different legal structures
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Simple but detailed summary of choosing the right legal structure for a business with its benefits and drawbacks
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Choosing the rightlegal structure
DIFFERENT BUSINESS FORMS
- Businesses ranges= from small one person operations to large
multi-national organisations.
- Many businesses operate to maximise profit whereas others have
social/ethical objectives at the forefront of what they do
- Some businesses operate in the public sectors and others the
private sector
PUBLIC VS PRIVATE SECTOR:
- Public sector businesses – organisations that are owned and
operated by the government
- Private sector businesses- organisations that are owned, financed
and run by the private individuals
Private Limited
Company
Incorporated
Businesses Public Limited
Business Company
Organisations
Sole trader
Unincorporat
ed Businesses
Partnership
UNINCORPORATED VS INCORPORATED
- Unincorporated business – this is when the owner and the business
have the same legal identity
- Incorporated business – this is where the owner and the business
have separate legal identities. Businesses can own assets and owe
money as their own identity
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