Legal Business Structures

• Sole trader - a business owned and operated by one person as they has unlimited liability (responsiblity)
• Partnership - a business owned and operated between two and twenty people. They share profits and losses.
• Private company - has between two and fifty owners called shareholders. Company must have the words "Proprietary Limited" or "Pty Ltd" after its name.
• Public Company - a company that can have an unlimited number of shareholders
• Incorporated Association - formed by five or more people in NSW by registering with NSW Fair Trading