Identify the Three Main Types of Business Organisations...

1 Identify the three main types of business organisations recognised in Scots law. A. Sole trader The most popular style of small business enterprise, it’s simple to set up and does not require any formalities. Sole trader often is a one person who manages and owns the company. They take all the profits, but must also include all losses. Indeed, if the only operator becomes insolvent personal assets may be used to satisfy creditors, such as a house, car, etc. They are personally responsible for all indebtedness of the company and have unlimited liability. B. Partnership C. Incorporated Bodies Private Limited Company (LTD) Public limited company (PLC) 2 Clarify for Gurpreet and Samuel, by distinguishing the†¦show more content†¦First of all the company must be register in Companies House and there is a fee need to be paid. Also there is some extra cost related running that kind of business like: financial information must be publicly available and copy of that statement must be send to Companies House. Partnership agreement should be drawn up setting out how it will run and LLP how profits will be shared. 4 In relation to each type of business organisation explain the following: * The legal provisions relating to management * The implications of contractual arrangements There are many reasons why a trader may decide to set up company. Considerations include the credibility and prestige of the company, which is public companies associated with the available resources to obtain financing, and the possibility of limiting liability. It is important to note that not all companies offer their shareholders of limited liability in respect of claims by creditors. Private Limited Company This is the most common type of company and is what most people have in mind when considering whether or not to set up a company. Each shareholder’s liability is limited to the amount unpaid on the shareholding owned by them. However, the shareholder must also be aware that they run the risk of losing monies paid to the company whether in full or part payment of the shares owned by them. 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