Types of Business Ownership Structures

General Partners contribute capital and expertise, while Limited Partners only contribute capital.

Owned and controlled by an individual, easy to start and wind up, and has unlimited liability.

Easy to start, profits are not shared, self-management, controlled by the owner, and few government regulations.

<p>A group of people working together to satisfy human needs and wants by producing goods and services with a common objective of profit maximization.</p> Signup and view all the answers

<p>In a General Partnership, all partners have unlimited liability and can manage the partnership. In a Limited Partnership, there are both general partners and limited partners, with limited partners having limited liability and no management control.</p> Signup and view all the answers

<p>Separate legal personality, sharing risk, no partners arrangement, easy formation, flexibility, large resources, no legal personality, combination of different skills.</p> Signup and view all the answers

<p>Unlimited liability, risk of disagreement, lack of continuity if partners join or leave, necessity to value all partnership assets, need for a formal agreement.</p> Signup and view all the answers

<p>Private limited companies have a maximum of 50 shareholders and must have at least one director, while public limited companies have no limit on shareholders and must have at least two directors.</p> Signup and view all the answers

<p>The name must end with 'public limited company' or 'PLC'; if not, it should include 'limited' or 'LTD' and must be easily readable.</p> Signup and view all the answers

<p>Deciding on profit and loss sharing, determining investment amounts, defining management responsibilities.</p> Signup and view all the answers

<p>Incorporation allows for the separation of ownership and management, leading to shared responsibility and risk management.</p> Signup and view all the answers