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Legal Structure Pt2

Pros and cons of legal structure of businesses

QuestionAnswer
Sole trader advantages Makes all decisions, keeps all profit
Sole trader disadvantages Unlimited liability -> owner is legally responsible for the business
Partnership advantages Shared workload (2-20 employees)
Partnership disadvantages Unlimited liability -> owners are legally responsible for the business
Private company advantages Limited liability, easier to get finance. Invites 2-50 private shareholders
Public company advantages Limited liability, easier to get finance. Shares are sold to the public to purchase at exchanges
Shareholders A person who owns shares in a company -> is a partial owner of the company. Paid in dividends.
Legal structure options Sole trader -> partnership -> private company -> public company
Size As a business grows, it's legal structure will need to change. More owners will bring in more money, but growing requires money as well.
Progression of size Sole trader -> Partnership or private company -> public company
Control Total control -> sole trader Partial control -> Partnership or private company Control divided against shareholders -> public company
Loans/Finance Sole trader/partnership -> unlimited liability -> owners are responsible -> small loans Private/public company -> limited liability -> larger loans ->
Created by: MrMemer
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