Business Law

Video Summary:

  • There are three types of business: A Sole trader or Partnership, Limited Liability partnership or Limited company.
  • A sole trader is liable for debts if the company goes bust, but enjoys easier administration.
  • A partnership shares the liability between the parties, but can form a limited liability partnership.
  • Liability for owners of a Limited company is limited to the value of their shares. There are considerably more administrative tasks.