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| advantages | disadvantages | |
| a sole trader | ||
| a partnership | ||
| a corporation |
1. The owner can always be the boss.
2. Can continue operations indefinitely.
3. Lack of opportunities for employees as the firms are small.
4. Limited liability.
5. Easiest kind of business to organize.
6. Unlimited liability.
7. The death of the owner can result in the termination of the business.
8. Double taxation.
9. It can grow to be very large.
10. Management is often separated from ownership.
6.Fill in the correct words from the list below. Before doing the exercise study the following material.
Articles of Association states the rights and duties of all of the directors, the rules concerning the election of directors and the procedure to be followed for the issue of shares.
Memorandum of Association – the document which contains the name of the company and its registered address (registered office). It also states the objectives of the company and the amount of share capital that the directors intend to raise.
Article of Association, Certificate of Incorporation, Certificate of Trading, legal,
limited liability, Memorandum of Association, plc, private, Prospectus, Registrar of Companies, Stock Exchange
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