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Business is an activity for living purposes, simply put it is any activity or enterprise entered into a for-profit such as producing or buying and selling products. I’m going to focus here on private sector organizations or businesses.
Unincorporated Business: The owner is the business. The assets of the business are the owner there are no legal differences between the owner of the business and the owner. The owner has unlimited liability for business actions including its debts.
Incorporated Business: The difference between unincorporated and incorporated is with incorporated business the exist it is a rare legal personality. The business is the company. The company has owners, the shareholders but the owners are not liable for the debts of the business.
Sole Traders: Sole trader owns all the business assets personally and is personally responsible for the business debts. A sole trader is an individual owing the business on his/her own. A sole trader can also employ people but these people are not business owners. . A sole trader has unlimited liability, pays a higher tax rate than a company.
Partnership: Where a business is started and owned by more than one person. The legal partnership, the agreement sets out, how the partnership is run covering, how the partnership is run covering areas such as how profit share, what the partners have to invest into the business, how decisions are taken, what happens if a partner wants to leave or dies.
Private Limited Company: Limited liability partnerships. A company is separate a legal entity. Shareholders are liable for debts.
Public Limited Company (PLC) indicates that its shares are widely held.
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