1. Financial Accounting Lecture 01

2. Types of Business Entities
Sole Proprietorship
Partnership
Companies
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3. Sole Proprietorship
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4. Partnership
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5. Partnership
Partnership in Pakistan are governed by Partnership Act 1932
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6. Partnership Maximum number of partners in a partnership is 20.
Exceptions – Firms of Lawyers, Doctors, Chartered Accountants
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7. Joint and Several Liability
All liabilities of the business are the joint and several responsibility of the surviving partners in case of death of one partner.
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8. Un-Limited Liability
If the assets of the partnership are not enough to repay all debts or liabilities then personal assets of partners should be disposed off to repay the liabilities.
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9. Companies
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10. Limited Company Companies are formed under Companies Ordinance 1984.
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11. Types of Limited Company
Private Limited Companies
Public Limited Companies
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12. Limited Liability
Liability of individual shareholder is limited to the amount of capital contributed by him.
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13. Types of Public Limited Companies
Listed Companies
Un-Listed Companies
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14. Single Member Companies
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15. Non-Profit Organizations
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16. Non-Profit Organizations
Non-Government Organizations (NGO’s)
Trusts
Societies
Foundations
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