4. Types of business organizations at University of Birmingham

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private limited company disadvantages (5) 

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the memorandum of association contains (4)

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define unincorporated business 

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incorporated business means (3)

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define limited liability 

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Forms of business organizations (7) 

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define sole trader 

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define a deed of partnership 

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contents of a deed of partnership (9)

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partnership advantages (6) 

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partnership disadvantages (7) 

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define articles of association

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4. Types of business organizations

private limited company disadvantages (5) 

  • significant legal matter has to be dealt with before a company is formed
  • shares can't be sold without the agreement of the shareholders
  • shares cant be offered to the general public 
  • division of ownership 
  • it is expensive and time consuming 

4. Types of business organizations

the memorandum of association contains (4)

  • information about the company and the directors 
  • states the official name and address of the registered offices of the company 
  • states objectives of the company 
  • states number of shares bought by each director

4. Types of business organizations

define unincorporated business 

an unincorporated business is one that does not have a separate legal identity 


4. Types of business organizations

incorporated business means (3)

  • a company exists separately from the owners and will continue to exist even if the owners die 
  • a company can make legal contracts or legal agreements 
  • company accounts are kept separate from the owner's accounts

4. Types of business organizations

define limited liability 

limited liability is the condition by which shareholders are legally responsible for the debts of the company only to the extent by the amount they have invested 

4. Types of business organizations

Forms of business organizations (7) 

  • sole trader 
  • partnership 
  • private limited companies 
  • public limited companies 
  • franchises 
  • join ventures 
  • pubic corporations 

4. Types of business organizations

define sole trader 

a sole trader is a form of business owned and controlled by one person

4. Types of business organizations

define a deed of partnership 

a deed of partnership is the written and legal agreement between business partners 

4. Types of business organizations

contents of a deed of partnership (9)

  • the amount of capital invested in the business by each person 
  • the tasks to be undertaken by each partner 
  • how profits are shared out 
  • how long the partnership will last 
  • arrangements for absence, retirement and how new partners could be admitted 
  • name of the firm
  • name of industry 
  • name of partners
  • business location

4. Types of business organizations

partnership advantages (6) 

  • more capital invested by partners 
  • responsibilities of the business are shared 
  • partners can specialise in different aspects of work 
  • more profit is made 
  • business is easy to establish as startup costs are low 
  • it is easy to change legal structure

4. Types of business organizations

partnership disadvantages (7) 

  • unlimited liability 
  • if one owner leaves or dies the partnership ends
  • decision making would be difficult as all partners have to agree
  • partnerships are limited by 20 people 
  • any decision made by one partner legally binds all partners 
  • profits are shared amongst all partners 
  • partners must pay taxes in the same way sole traders do 

4. Types of business organizations

define articles of association

articles of association form a document that specifies the regulations for a company's operations and defines the company's purpose 

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