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Word Count: 472
It is known that commercial life is full of risk Co-operation of people or small businesses constitutes big companies and businesses Owning a business has lots of advantages and disadvantages We can classify businesses in five basic categoriesFirst of all the easiest way to set up a business is sole trading Everyone can start sole trading easily because it requires not so much investment and procedures Stationers grocers bakers etc can be good examples for sole trading The owner of the business takes all profits and just responsible for his own business He doesnt have to employ so many people and it is easy to direct the company If the company goes debt he will be responsible for the debts and will be forced to pay themSecondly another and safer kind of business is partnerships Partnerships require at least two people A partnership is the division of responsibilities and cumulating of different skills All partners invest money to establish company Although money is power capital is limited by investments of the partners They share profits according to their percentage If Company goes debt all partners are responsible for them Dramatically conflicts may occur between partners Sometimes it results in ruinThe third kind of business is privet limited companies which are owned by shareholders Specific administrative procedures must be followed in order to establish such companies It is more complicated and expensive to set up Although all shareholders invest money their capital is still limited but more than others More people mean more skills and less responsibility If the company goes debt shareholders pay maximum they had invested They do not lose their houses cars or planes etc They just lose their investment That is the fact that private limited companies have limited liability Their accounts are open to the scrutiny by public A private limited company takes Ltd After its name For instance yksel ins Ltd Baytur Ltd etcFourthly public limited companies plc are also
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