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Sole Proprietorship (Br.). Individual Proprietorship (Am.). .

 

Sole proprietors are individuals carrying out economic operations in various spheres of business activities (industrial, trade, transport, banking etc.) and concluding commercial deals on their behalf.

 

The legal form is not to be indicated in the name of the firm.

The hired staff are not referred to as proprietors.

 

The proprietors must be registered in the trade register, obtain a licence to carry out business activities and keep the books reflecting the results of the latter. The contents of the books are commercial secrets not accessible to a third party. In case of a lawsuit the books can be open for the court and the parties concerned provided the proprietor acts as a plaintiff or a defendant. Also, the books can be made public in case of either insolvency or inheritance.

 

Sole proprietors are not subject to public report therefore it is not possible to get true information of their activities.

 

The sole proprietor is not a legal person and if fully liable with his property

by obligations of his firm. Millions of sole proprietors in the world carry out their business activities mainly in the sphere of various services and retail trade.

 

Unlimited Partnership (Br.).General Partnership (Am.). .

The main feature of unlimited partnerships is equal and collective responsibility for the property for all members of the partnership. In other words, creditors can be paid either at the expense of the partnerships property of the members or private property of the members. Besides, the agreement can not provide for exception of property liability of any of the members before a third party. The property of the unlimited partnership is a joint property of its members.

 

The profit obtained is distributed proportionally to the share of participation in the property of the partnership. Concession of the share of participation can be made only with the consent of the members. The number of the members of the partnership is not limited.

 

The unlimited partnership can be disbanded either in case of insolvency or resignation of one of its members or by resolution of all its participants. Unlimited partnerships are not subject to public report.

 

Limited Partnership (Br., Am.). . ( ).

The limited partnership is a contractual union of entrepreneurs participating only by way of contribution without taking direct part in the management(investors); and those who, apart from contributing, carry out direct management of the partnership and are fully liable by the partnerships obligations with their own property (full members).

 

It takes at least one full member and one investor to form a limited partnership.

 

The name of the partnership includes the names of one or two full members; the including of the name of the investor into the firms name makes the investor equally and jointly liable by the partnerships obligations.

 


Date: 2015-12-24; view: 1388


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