![]() ![]() A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the corporation and hire its managerial staff. Corporations can be either government-owned or privately owned, and they can organize either for profit or as nonprofit organizations. Corporations' owners have limited liability and the business has a separate legal personality from its owners.The three most prevalent types of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. A partnership is a business owned by two or more people.All assets of the business belong to a sole proprietor, including, for example, a computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business. The owner operates the business alone and may hire employees. A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit.Société à responsabilité limitée (SARL)įorms of business ownership vary by jurisdiction, but several common entities exist:.Gesellschaft mit beschränkter Haftung (GmbH).Limited liability limited partnership (LLLP).Scottish charitable incorporated organisation (SCIO).Charitable incorporated organisation (England and Wales) (CIO).A corporation is more complicated and expensive to set up, but offers more protection and benefits for the owners/members. The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, such as a corporation or cooperative.Ĭorporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. The proprietor is personally taxed on all income from the business. A business structure does not allow for corporate tax rates. The taxation system for businesses is different from that of the corporates. If the business acquires debts, the creditors can go after the owner's personal possessions. Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. It is also "any activity or enterprise entered into for profit." ( Learn how and when to remove this template message)īusiness is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). Please discuss this issue on the article's talk page. Please consider splitting content into sub-articles, condensing it, or adding subheadings. To find out more, visit Accounting and Commercial Law's accreditation page.This article may be too long to read and navigate comfortably. Association of Chartered Certified Accountants (ACCA).Chartered Institute of Management Accountants (CIMA).Chartered Accountants Australia and New Zealand (CA ANZ).Our accounting programmes hold accreditations from: The 'Triple Crown' accreditation held by Wellington School of Business and Government is further enhanced by specific programme recognition and accreditations from industry and professional bodies. ![]() Victoria University of Wellington's MBA (now Executive MBA) programme was first accredited by AMBA in 2008. Association of MBAs (AMBA)ĪMBA accredits postgraduate programmes from the top 1 percent of business schools in more than 70 countries. EQUIS also places great importance on internationalisation. EQUIS is a leading international system of quality assessment, improvement, and accreditation that requires a business school to show a high standard of operation across all their activities including research, executive education, and business community outreach. ![]()
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