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The purpose of this report is to provide an essential source of reference on each legal status of business the individuals involved could form.
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| Submitted: Thu Mar 11 2004
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Introduction The purpose of this report is to provide an essential source of reference on each legal status of business the individuals involved could form. The report provides a comprehensive, but clear and concise review, with conclusions based on the situation of the individuals involved, of the key issues facing their business ventures. Findings Every business exists as a distinct unit separate from all other units, and sometimes even distinct from its owners. This is recognised by law, which accords different rights and duties to those in business. There are four main legal forms of business ownership in the private sector: 1) Sole trader 2) Partnership 3) Private limited companies Limited Companies 4) Public limited companies. These four main legal forms fall into a further two broad categories: • Unincorporated businesses. These are businesses where there is no legal difference between the owners and the business. Everything is carried out in the name of the owner or owners....
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