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Ownership Structures

Chapter 19

TermDefinition
CEO Chief Executive Officer
MD Managing Director
CRO Company Regulations Officer
LTD Private Limited Company
PLC Public Limited Company
SOLE TRADER A person who runs and owns their own business
PRIVATE LIMITED COMPANY Company with limited liability and 1-99 shareholders
ADVANTAGES OF LTD 1. Limited Liability 2. Access to more finance 3. Share decision making
FORMS FOR FORMATION OF LTD 1. Memorandum of Association 2. Articles Of Association 3. Form A1
DISADVANTAGES OF LTD 1. Difficult to set up 2. Costly to set up 3. Share profits
ULTRA VIRES Directors acting beyond their power in a company
PARTNERSHIP 2-20 owners who share the running of a company
AUDITOR External accountant who checks your account
BENEFITS OF PLC 1. Limited liability 2. Continuity of existence 3. Access to finance
DRAWBACKS OF PLC 1. Costly to set up 2. Costly to run 3. Share profits
CO-OPERATIVE Greater than 7 shareholders who work together for the benefit of the community
DAIRY/PRODUCER CO-OP Workers run the co-op and share profits equally
FINANCIAL CO-OP Ferbane Credit Union
WORKER CO-OP Celtic Roots
CERTIFICATE OF INCORPORATION Separate legal identity to the people in it. They can sue or be sued.
Created by: EmmaD98
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