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ownership 2

limited companies - private and public

QuestionAnswer
what are some differences between limited companies and partnerships and sole traders? incorporated - has a separate legal identity from the owner
limited liability - owners only risk losing the money that they put into the business
must have a memorandum of association - tells the world who the business is and where it is based
must have an article of association - sets out how the business will be run
owned by shareholders - more shares you own, the more control you get
what is an advantage to being a limited company rather than a partnership or sole trader? less financial risk for the owners
what is an disadvantage to being a limited company rather than a partnership or sole trader? more expensive to set up
what are private limited companies? businesses where shares can only be sold if all shareholders agree
what is a similarity between shareholders in a private limited company? usually all members of the same family
what do private limited companies have after their name? LTD
what are some private limited company advantages? limited liability, incorporated
what are some private limited company disadvantages? more expensive to set up, legally obliged to publish its accounts every year
what are public limited companies? businesses where anyone can buy shares in the company
what do public limited companies have after their name? PLC
what are some public limited company advantages? more capital can be raised than any other business
easy to expand and diversify
what are some pubilic limited company disadvantages? shareholders have very little say in how the company is run - unless they own lots of shares
easy for someone to buy enough shares to take over the business
as there are a lot of shareholders, it is difficult to decide on an agreement on company objectives. this makes it difficult to sacrifice profit to other objectives, like helping the environment.
Created by: jirwin
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