Company types in Lithuania

Introduction
So what is a company anyway? It sounds like a simple enough question, but it has intrigued economists for decades. Why are some activities conducted by trading in markets while other activities are organized by hierarchical command within a company before trade ever takes place?
One view of company is that they capture `static synergies`, benefits from undertaking closely related activities and from doing them repeatedly. Just as it makes little sense to have separate markets for left and right shoes – people usually want a pair – so it may make sense to bundle together related production activities before selling the package.
A second view of company is involving relationships, like trust or teamwork that are intrinsically long-run relationships. When all workers are easily replaceable, one might have a daily auction for unskilled workers, as used to take place in docks and coal mining. However, if jobs require that workers develop specific skills, in relation to the company and to each other, yesterday’s team is not easily replaced today.
The third and most recent view of company is reflecting incomplete contracts. Where people can foresee what may happen, they, could, in principle, engage in a market transaction, singing a contract specifying what happens in each possible situation. But some future situations cannot even be contemplated today: no contract can take them into account. Authority – the hierarchy of decision – making within the firm – is an arrangement that specifies today who will adjudicate if some strange future contingency arises.
Businesses are self – employed sole traders, partnerships, or companies. A sole trade is a business owned by a single individual. Sole traders are by far the commonest type of business organization, though each sole trade operates on a relatively small scale. A partnership is a business jointly owned by two or more...

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