[NS] Chap 1: Type of business

Due to the wrongful actions of one of the partner, the partner who cause it is obliged to pay the debts or losses.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

Is owned by one person who contributes capital to set up

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

The only owner usually runs the business by himself. Have absolute control over the business.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

Bank & other lenders are more likely to lend money to, as there are more business assets serving as collaterals.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

Least risky: At most, only need to forfeit their investments.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

Minimal administrative duties to adhere to

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

Control over the business is shared among the partners with at least one partner heavily involved in running the business.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

Control over the business is shared among the partners with at least one partner heavily involved in running the business.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

All partners need to agree to the addition or withdrawal of partner(s) before the corporate regulatory authority will acknowledge the transfer of ownership.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)

It is owned by 50 or less shareholders where each investors buys shares & contributes capital.

• Sole Proprietorship (SP)

• Limited Liability Partnership (LLP)

• Private Limited Company (PLC)