Types of Businesses - 2422 Words

Sole proprietorship Sole proprietorship concern (also known as a sole trader/owner) is the most common and most favored option for individuals who want to establish a small business in Pakistan, or want to start a home-based business. This form of business is used by majority of start-ups on Pakistan, and it is the simplest way of giving corporate face to a small business Formation Following are the main steps to start a sole proprietorship business:  · Finalize a business name.  · Print basic business stationary i.e. letterheads, visiting cards etc.  · Prepare firms name stamp (a common rubber stamp will do).  · Open a bank account in the name of sole proprietor business. The bank manager will require a request letter on business†¦show more content†¦Partnership A partnership or firm is established through written agreement between all the partners. The law governing the partnerships in Pakistan is contained in the Partnership Act 1932. Characteristics In Pakistan partnerships are of two kinds:  · Registered Partnership  · Unregistered Partnership There is no requirement to register a firm, however there are certain benefits of registering a firm. In case of registered firm, the partnership deed is registered with the Registrar of Firms. Unregistered partnership can be dissolved without any formality, however a registered firm can only be dissolved through a written dissolution application to the Registrar of Firms. By definition partnership is a relation between two or more persons who have agreed through a written partnership deed to conduct the business and share the profits and losses of the business according to the terms of the partnership deed. Partnership business can be conducted by all partners or any of the partners on behalf of others. A maximum of 20 partners are allowed to form a partnership. In a partnership firm the partners’ liability is not limited and they are fully liable for all claims or law su its against the partnership. Formation Registration of Partnership Procedure and Requirements The registration of Partnership firm is not required by law and there is nopenalty for non-registration. Nevertheless registration can give myadvantages to the firm.Show MoreRelatedTypes of Businesses1455 Words   |  6 Pagesestablishment of a contract. In most cases, this kind of partnership between a principal and agency is usually imposed through agreements reached by the power of attorney. Types of Agents: These types of agents include general agents, special agents, co-agents, and universal agents (Smith Osborne, par, 2). The other types of agents are servants, independent contractors, sub-agents or sub-servants, and sub-contractors. The general agents have a slightly limited scope but the capability of makingRead MoreDifferent Types of Businesses924 Words   |  4 PagesBusiness Scenario As discussed there are three different types of businesses, sole proprietor, partnership and corporations. With these businesses come many advantages and disadvantages that one will have to determine will best suit their own lifestyle. Starting a business is something very serious to plan and make sure you have the necessary financial backing to keep it running, and have the legal knowledge to keep yourself and organization covered. Lastly, if you have the knowledge and productRead MoreTypes Of E Businesses Models3011 Words   |  13 Pages In this paper I am going to argue three different E-businesses models, from different countries, and they have different sizes, successful, profitable and also innovative at the same time. To clarify these points I am going to discuss three main perspectives for each model. 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Stakeholders are anyone that affects or can affectRead MoreDescribe the Types of Business Purpose and Ownership of Two Contrasting Businesses718 Words   |  3 PagesP1 I will be relating the type of business, purpose and ownership of the two contrasting organisations. The two organisations that I will be choosing are: Oxfam and Sainsbury’s. Sainsbury’s Purpose/aims of Sainsbury’s The purpose of Sainsbury’s is that they are trying to make as much profit as possible, as they are competing with other supermarkets and be the number one UK’s supermarket, and this will allow them to expand on their business. Sainsbury’s have a long term goal to deliver their