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Legal Structure

Legal structure of a business

QuestionAnswer
Public business enterprise Owned by the Gov't, e.g. Australia Post
Private business enterprise Owned by private individuals e.g. Coles, JB Hi-Fi
What is liability Legal responsibility. Used to distinguish different legal structures
Unlimited liability The business and the owner are the same legal entity. The business is unincorporated. The owner's assets may be sold to pay back debts.
Limited liability The business has gone through a process of incorporation. This means that the owner and the business are separate legal entities. Only the company's assets can be sold to pay off debts.
Created by: MrMemer
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