Characteristics and Entities :-s (1 Viewer)

[Goddess]

Hey - I need some help desperately, I have this table to fill out - I have to list characteristics (Legal,Taxaton,Liability,Management,Finance and Ownership) for each entity (Sole Trader, Partnership, Limited Partnership and Companies) but my notes don't cover enough of it and my Excel book is vague (I do home schooling) so I was wondering if anyone knew of any good sites that might help? Im in a hurry because I have to do this whole years worth of work by early October! Thanks for anyone who replies!

 

[truly-in-bliss]

i dont know what you mean by liability and finance


Legal
Establishment = sole traders and partnerships
Growth - partnerships, private companies, cooperatives
Maturity - public company
Post maturity
- renewal - public company
- decline - could revert bk to sole trader or partnership



Ownership
Sole Trader - 1 person
Partnership - between 2-20 pplz
Private companies - 2 to 50 shareholders
Public companies - mini of 5 shareholders



Taxation:
Sole Trader - No tax on profits, only on personal income
Partnership - No taxes on business profits, only on personal income
Company - Double taxation-company and personal



Management:
Sole - owner is the boss. Loose structure
parntership - divided responsibility,
Company - managment board of directors

 

[ezzy85]

i think liability's referring to whether or not it has limited liabilty. Limited liabilty is if the company goes broke, you only owe what you invested. You don't have to sell personal assets to repay debts. Unlimited liability is when you sell your personal assets to pay debts.

Sole Trader
Unlimited

Partnership
Unlimited Liability

Comapines
Limitied Liability

Limited Partnership
Im guessing htats limited liabilty

 

[truly-in-bliss]

thnakz ezzy...had no idea liability referes to that

btw unincoporated is also unlimited

 

[Goddess]

Woah thanks heaps truly-in-bliss and ezzy - at least now I've got more a clue what the hell Im sposed to be doing! Thanks