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Types of Ownership - Each type of business has its own set of characteristics. These help to define whether it is in the public or private sector and whether the business is a sole trader, partnership, company or public corporation.
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Types of Ownership Each type of business has its own set of characteristics. These help to define whether it is in the public or private sector and whether the business is a sole trader, partnership, company or public corporation. The characteristics include: - * What rules have to be followed before businesses can start trading * What sources of capital are available to businesses * How businesses are controlled * How the profits are shared between the owners * Whether or not the businesses have limited liability * How businesses must keep their accounts * Who is allowed to buy shares in the businesses * What kind of taxation the businesses are liable for Manchester United Football Club is a public limited company (plc). Public companies must complete all the stages that private companies must complete: - The Articles of Association and the Memorandum of Association. The first of these gives details of the internal set-up of the business e.g. * The...
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