Private Companies –Incorporated and Unincorporated Business
Both incorporated and unincorporated forms of business can exist. Unincorporated enterprises can legally form with very little, if any, administrative effort. In contrast, corporations have to go through a formal registration procedure to be able to operate lawfully. Additionally, corporations are legal entities with independent existences from that of their owners. Unincorporated businesses typically receive the same treatment as their owners and have the same legal standing. The sole proprietorship and partnership are the two most prevalent types of unincorporated businesses in the UK. The limited liability partnership, the private limited company, and the public limited company are the three types of incorporated businesses that are most prevalent in the UK. We'll examine each of these in turn now, along with a few uncommon business models you might see in the real world.
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May 2023
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