Legal Structure 0.0 / 5 ? Business StudiesLegal structureASAQA Created by: grace poveyCreated on: 04-03-14 14:29 An individual who has total control of their business. Sole trader 1 of 11 Shared responsibility for a business and its actions. Partnership 2 of 11 1+ ‘general partners’ who are liable for all the debts and obligations of the firm. Limited Partnership 3 of 11 : personally responsible for the business, have to sell your own assets to cover costs. Unlimited liability 4 of 11 : not solely responsible for the business, would not have to sell your own assets. Limited Liability 5 of 11 sets out the rules of a partnership Deed of Partnership 6 of 11 : is a business organisation that has it’s own legal identity and had limited liability, it is owned by shareholders. company 7 of 11 owned by shareholders, shares not advertised Private limited company 8 of 11 owned by shareholders, no restrictions and shares are advertised. Public limited company 9 of 11 not trading for money Not for profit business 10 of 11 businesses that have social aims and trade in order to benefit the community or society in general. Social enterprise 11 of 11
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