Types of business ownership, limited liability, and stakeholders and their objectives.
Types of ownership
Sole trader — one owner; easy to set up, keeps all profit, but unlimited liability.
Partnership — 2+ owners; shared skills/capital, but shared profit and (usually) unlimited liability.
Private limited company (Ltd) — shares sold privately; limited liability; separate legal entity.
Public limited company (plc) — shares sold on the stock exchange; can raise large capital, but more regulation and risk of takeover.
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