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Business Structures

 

Types of Business Structures

In most western countries business structures tend to fit one of the following:

 

Sole Proprietor: Person operates the business themself

 

Partnership : Two or more people operate the business jointly

 

Corporation: A Company is set up that will operate the business.  It is owned by the shareholders but managed by the board of directors (can be the same people).  The Company has its own legal personality.

 

Trust: A trust is established to run the business.  Beneficiaries receive the distribution.

 

Key Issues in the Choice of Business Structure

  • Cost to establish and operate

  • Taxation

  • Transferability/Succession

  • Liability

  • Control

  • Decision Making

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