Memorandum of Association

Types of Business Organisations When we start to define a company it rear end be defined as generally a do acidulate of business organisation. In the legal field, a company is specifically ?a corporation, or less commonly, an association, federation or junction that carries on a commercial or industrial enterprise. largely a company may be a corporation, partnership, association, control stick ? stock company, trust, fund or organised group of psyches, whether bodied or non and (in an official capacity) any receiver, trustee in bankruptcy or similar official or liquidating means for any of the foregoing. More specifically we can state a company as either one of four transparent business organisations, doctor Trader, Partnership, Private company and Public company. Sole Trader A sole trader or a sole proprietor is a type of business entity which legally has no separate existence from its owner. All business debts are the debts of the owner. A sole trader essentially means a person does business in his or her own name and thither is only one owner. An entrepreneur may opt for intellect trader status due to the little additional work and the informal organisational structure to set u the business. In around cases for a soul trader there are no legal formalities to form or dissolve a business.

A sole trader entrepreneur would be roughly suited for a small business such as a corner shop or a solelychers but this would not be suitable for large scale enthronisation as the entrepreneur does not perplex the advantage of facelift capital through shares and bank finances. Hiring and firing employees can overly become quite difficult. This form of business will have unlimited liability, therefore, if the business is sued, the sole trader is personally liable. The emotional state span of a business is also uncertain. If the owner decides not to have the business or dies, the business ceases to exist. Partnership A partnership can be described as ?a family which subsists between persons parrying on business in... If you want to get a full essay, order it on our website: Orderessay

If you want to get a full essay, wisit our page: write my essay .