LECTURE 1 Welcome back!. Different forms of business organisations Sole proprietor/ sole trader * Partnership * Llp Limited partnership Company * We focus.

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Presentation transcript:

LECTURE 1 Welcome back!

Different forms of business organisations Sole proprietor/ sole trader * Partnership * Llp Limited partnership Company * We focus only on these*

Business names Governed by:- the Companies Act CA’06 And Companies (Trading Disclosures) Regulations 2008

Restrictions on company names Limited/ Ltd/ LTD – indicates a private limited company PLC/ Plc/ plc – indicates a public limited company

Restrictions on names of sole traders Personal name/ full name/ initials Name of trade Trading name Mixture of all three

Partnership restrictions How many partners in the business? Family business Trade name

Why do these restrictions exist? What is their aim? Consumer protection Stops offensive names coming into the public domain Transparency Stops copy cat trading

Carrying on a business as a sole proprietor/ trader You are self employed so you work for yourself You can be more than a 1 man band, you can employ people You can run your business as you choose You take all the profits You take all the risks

Is it worth it ? Good side = easy, don’t have to have lots of legal paper work, all profits belong to you and your affairs remain private Bad side = if the business is to grow you may not have the expertise or money, all debts are payable by you