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Types of business

Study carefully the meaning of the following phrases and word combinations to avoid any difficulty in understanding the following text. | COMPREHENSION CHECK | V. Translate into English | VI. Answer the questions | COMPREHENSION CHECK | Study carefully the meaning of the following phrases and word combinations to avoid any difficulty in understanding the following text. | COMPREHENSION CHECK | VI. Translate into English | Study carefully the meaning of the following phrases and word combinations to avoid any difficulty in understanding the following text. | THE SOLE PROPRIETOR |


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The different types of business organization to be found in the UK and most other capitalist countries may be classified under five headings: the sole proprietor, the partnership, the joint stock company, the cooperative society, and the public corporation.

 

Types of organization Legal form Ownership Sources of finance Liability Who runs the business
Sole trader   Little or no legal form   The proprietor   Personal savings, bank loan   Unlimited The owner
Partnership Partnership Act 1890, written agreement among partners 2–20 partners Capital provided by partners Unlimited, although some partners can have limited liability The partners
Private Limited Company (LTD) Registered under Companies Act 1985 Shareholders 2 or more (no maximum) Issuing shares (restrictions On selling them), bank loan Limited The board of directions. Although the day to day running is done by the directors. Directors are elected by shareholders
Public Limited Company (PLC) Registered under Companies Act 1985 Shareholders 2 or more (no maximum) Issuing shares (can be freely sold), bank loan Limited
Nationalised Industry Act of Parliament State owned Government assistance Limited Board of directors appointed by the government
Co-operative Industrial and Provident Societies Acts Owned by members, whether the customers or workers Shares,.1 each with an upper limit of .10 000 Limited Management Committee elected by the members

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