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Classify the business according to its ownership, and explain the benefits and constraints of this type of ownership.
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| Submitted: Thu Aug 14 2003
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Classify the business according to its ownership, and explain the benefits and constraints of this type of ownership. British airways is a Plc (Public Limited Company), which is incorporated, other types of business are Ltd (Private Limited Company), which is also incorporated. There is also unincorporated business, which are a sole traders and partnerships. Unincorporated businesses: An unincorporated business has unlimited liability and the owners are the business, Which means in law an unincorporated business is libel for all of its debts and is personally responsible for repaying those debts. Sole traders: A sole trader is an individual trading in his or her name, or under a suitable trading name. Advantages are: You are your own boss which gives you freedom, there are no legal formalities required before you can start which makes it simple, there is less form filling and there are no legal costs i.e. drawing up partnership agreements. Disadvantages are: High...
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