What are the characteristics of a sole trader?
Business owned between two to 20 people, known as partners
Owned and operated by one entity
Less control
Business which trades shoes
Short hours
All the control
Unlimited Liability
What are the chaacteristics of a Partnership
Business owned by 2-20 people
Can be law firms
Don't suffer losses as bad
Can have limited liability or unlimited liability
Have to share the profits
Consultation opportunities
What are some characteristics of a Private Company
1-50 private owners called shareholders
A company which is not willing to show their financial statements
Massive in size
Small to medium in size
Unlimited liability
Limited Liability
Sometimes family owned
Has perpetual succession
Doesn't have perpetual succession
Listed on the stock exchange
What are Some Characteristics of a Public Company
Limited number of shareholdes
Small companies
Have perpetual succession
Usually listed on Securities Exchange
Can be sued
Perpetual succession is the business concept where if the founder of the business is rendered unable to un the business, then the business will dissolve
A financial statement/balance sheet budget sheet Excel Document( balance sheet, budget sheet, Excel Document ) shows the assets, liabilities, capital. From this we can tell the business' financial position at the time
