Investigation of the Types of Business Ownership Essay

Investigation of the Types of Business Ownership Essay

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Investigation of the Types of Business Ownership


JCC Limited is a private limited company. Other forms of business
ownership include:

The sole trader. This is the most common form of private sector
business. This type of business has one owner who runs the business
and may employ any number of people to help. Advantages of being a
sole trader include the lack of legal restrictions, the sole trader is
able to set up their business relatively quickly. Also all profits
after tax are kept by the owner. There are a number of disadvantages
to being a sole trader though, the main one being that sole traders
have unlimited liability. This means that if the business gets into
heavy debts then the owner is solely accountable and could be forced
to sell personal possessions to cover these debts.

Partnerships. A partnership made up of a number to people (between two
and twenty). The members of the partnership share the responsibility
of running the business and also share any profits the business makes.
After sole traders partnerships are the most common type of business.
Although there are no legal formalities when a partnership is formed
most partnerships will have a partnership agreement. A partnership
agreement is a legal document which will state each partners rights in
the event of a dispute, they cover issues such how the profits and
losses will be shared amongst the partners, the rules for taking on
new partners, the procedure for ending the partnership and all legal
formalities.

Public Limited Companies (PLC). This type of limited company tends to
be larger than private limited companies. In order to become a public
li...


... middle of paper ...


...of Association this must include:

* The name of the company

* The name and address of the company's registered office

* The objectives of the company

* The amount of capital to be raised and the number of shares to be
issued

The second document that must be produced is the Articles of
Association this must include:

* The rights of the shareholders depending on the type of shares
they hold

* The procedures for appointing directors and the scope of their
powers

* The timing and frequency of company meetings

* The arrangements for auditing company accounts

If these two documents are successful the company will be awarded the
Certificate of Incorporation which allows it to trade. The company
must submit a copy of its annual accounts to the Registrar each year.

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