Types of business companies

• Public Corporation.
• It is person of at least 18 years old. He provides capital from his own resources and he alone is fully responsible for the management of the enterprise and must bear all risks. He may engage a number of employees, but all responsibility for providing the capital and managing the enterprise falls on him. This is know as unlimited liability.
• Examples of sole traders are: plumbers, dentists, accountants, etc.
Partnership
• A partnership is legally defined as the relationship which exist between persons carrying on business in common with a view to profit. The number of partners should not exceed twenty people. Profits and losses are divided proportionally according to the partnership agreement.
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Limited Partnership
• In a limited partnership, there is at least one fully liable partner; the other partner’s liability is limited to the amount of capital invested. Such limited partners can take no part in the management of the business; they merely invest money in the firm and receive profit or suffer losses according to the partnership agreement.
• According to the role in the partnership, there may be: a silent partner, a secret partner, a sleeping partner, a normal partner and a general partner.
Private Limited Company
• The shareholder’s liability is limited to the nominal value of shares. A shareholder has the right to decide about the activities of the company. As one share means one...

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