It is the simplest business form under which one

can operate a business. It is not a legal entity. It simply refers to a person

who owns the business and is liable for its debts.

The standard trading company and by far the most

usual type of company. It confers full limited liability on its members, must

have at least one director and one shareholder. It cannot offer its shares to

the public.

A form widely used for small business and professional

firms. A hybrid between a company and a partnership.

An association of two or more persons for

business purposes who are jointly and severally liable for any legal actions

and debts of the business. The association does not have separate legal

personality from its members.

It must have at least two directors, two shareholders

and a company secretary. Its initial share capital must be at least £50,000 of

which at least 25% must be paid up on incorporation. It may raise capital from

the public.

A company operating under an instrument granted

by the Crown.

An organization

established to run a nationalized industry or state-owned enterprise. The chairperson

and board members are appointed by a government minister, and the government

has overall control.