Starting a Business
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Introduction
When a person sets up in business he or she has to decide on the medium through which the business is to be conducted. Making a careful choice is vital as it can contribute to the success or failure of the venture itself.
Administration and Compliance
A company is owned by its shareholders.
Shareholder Agreement
Sole Trader
An individual who carries on business as a sole trader is personally liable for all debts and obligations incurred by his or her business.
Partnership
A trader who carries on business within a partnership is an agent of the firm, and of his or her other partners.
Limited Liability Partnership
The limited liability partnership (LLP) is a legal entity which was introduced by the Limited Liability Partnerships Act 2000 (LLPA 2000).
Private Company
This is the most commonly used business vehicle.
Public Company
As with a private company, the liability of the members of a public company is limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them.