The formal structure of a business. At the simplest level is a sole proprietor, a small business run by a single owner. A partnership is a business owned and controlled by two or more persons through a partnership agreement; it is widely used by professional practices, such as accountants and solicitors, including the largest firms. A private limited company is one in which the liability of the owners is restricted to their shareholdings and the shares are not available to a wider public. A public company (plc), on the other hand, offers its shares for sale to the public and often has a very diverse ownership. A co-operative is a business in which the ownership and control is held equally by its worker members.
Subjects: Business and Management.