Scribd
Upload
14 views

SBM-FORMS OF OWNERSHIP-recording

Uploaded by

sammie cele
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
14 views

SBM-FORMS OF OWNERSHIP-recording

Uploaded by

sammie cele
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 4

SOLE PROPRIETORSHIP

LEGAL LIABILITY OWNER’S LEGAL CONTINUITY/


PERSONALITY DIRECT REQUIREMENTS CHANGE OF
CONTROL OWNERSHIP

No legal Yes, owner is Owner has Simple to No continuity.


personality. liable for the direct control establish.
losses/debt of and decision-
Owner is not the business making Not much
separate from authority. paperwork.
the business. Unlimited
liability. Annual tax
return
submitted for
declaring profit
and tax liability.
PARTNERSHIP
LEGAL LIABILITY OWNER’S DIRECT LEGAL CONTINUITY/
PERSONALITY CONTROL REQUIREMENTS CHANGE OF
OWNERSHIP

No legal Yes – partners The partners No legal Unlimited


personality. are jointly have joint direct requirement. continuity.
liable for control unless
debts of the directed Partnership Can terminate
business. differently. agreement is on death of one
advisable. partner unless
Unlimited the other is
liability). willing to buy
them out.
LEGAL
CLOSE
LIABILITY
CORPORATION
OWNER’S DIRECT LEGAL CONTINUITY/
PERSONALITY CONTROL REQUIREMENTS CHANGE OF
OWNERSHIP

Business does Limited to the The members have Legal Unlimited


have a legal business. direct control. requirements continuity.
personality. are strict and
Not liable for the not costly. Continuity is
Business and debt of the possible
members are business. Founding depending
separate statement. on entering
entities. or
withdrawal
of members.
PRIVATE COMPANY
LEGAL LIABILITY OWNER’S LEGAL CONTINUITY/
PERSONALITY DIRECT REQUIREMENTS CHANGE OF
CONTROL OWNERSHIP

Does have a Limited to Board of Legal requirements Unlimited


legal the business Directors have required (MOI) continuity.
personality. or shares. control.
Memorandum Of Transfer of
They have AGM. Incorporation ownership
through the sale
of shares.

You might also like