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Tipes Of Organizations. Essay

1618 words - 6 pages

The Private SectorIn these last ten years the Maltese economy has grown rapidly in Malta and continuously. As years goes by we see that Malta is becoming a more service oriented economy.The labour force amounts to 148,818 (2003). The gainfully occupied population totals to 137,758 (2003) of which approximately 69.6% are male and 30.3% are female.The gainfully occupied population expanded in recent years, mainly as a result of more employment opportunities in the private sector.The Maltese economy is divided into two sectors, the public sector and private sector.The public sector, services are given to the public with no intention of profits buy only to provide a service to the customers.Such services are:HealthArmyJustice and Social SecurityFire RescueThe economy is made up of organizations which are run by private individuals and companies.Such organizations include:Sole TraderPartnershipCompaniesFranchisesCo-operativesSole TraderSole Trader involves one person who starts a business operation on his own.Their point is that there is no deference between the ownership and the management, these two are merged in one person, that is the person and the business are a single entity. This is very important because as we shall see companies of whatever type are a separate legal entity distinct from the owner and manager. A sole trader is liable for all the debts of the business. The owner of the business is responsible for all debts.PartnershipThe deed of Partnership shall contain:Name and residence of each of the partnersThe partnership nameThe registered office of the partnershipThe trade to be carried out by the partnershipContribution of each of the partnersOnce the deed of partnership has been set up between the partners it must be delivered to the registrar of companies who will sign it and issue a certificate of registration once he is satisfied that all the conditions requisite to the setting up of a partnership have been satisfied.There are various legal implications should a partnership carry on business under the partnership name falsely implying that the partnership has come into existence when in actual fact it has not.Limited Liability CompanyA Limited Liable Company may be either a public or as a private company.The minimum share capital shall not be less that the equivalent of LM500 in any convertible currency and not less than 20% of the nominal value of each share taken up shall be paid on the signing of the memorandum. The board of directors and its shareholders makes up a limited liability company.This is different from that of a sole trader or partnership, if the business does not succeed therefore the shareholder are protected by the limited liability and do not lose all their money, but only the money invested.Private Limited CompanyA lot of small or medium sized businesses, which decide to establish, become Private Limited Liability.Private companies cannot offer their shares for sale to the public at large, and so the ability to...

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