Legal structure of a business

My notes on business legal structure for the BUSS1 exam

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Legal Structure of a Business
Unincorporated Business: The identity of the business and the owner are
the same, usually sole traders or partnerships.
Incorporated Business: Ownership of the business is separate from the
owner (PLC & LTD).
Unlimited Liability: The business owner is responsible for all the debt the
business may incur.
Limited Liability: Type of investment in which an investor cannot lose more
than the amount invested, the investor or partner is not personally responsible for
the debts.
LEGAL STRUCTURE
INCORPORATED BUSINESS UNINCORPORATED
BUSINESS
LIMITED UNLIMITED
LIABILITY LIABILITY
PRIVATE LTD PUBLIC LTD SOLE TRADER PARTNERSHIP
COMPANY COMPANY
Not For Profit Organizations:
Non government agencies
Governing body responsible for affairs
Social/Community Aims
May consist of volunteers & paid employees

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