Economic Project

Contents

Introduction

Business Registration

~Meaning

~Registration Procedure for Sole Proprietorship and Partnership

~Registration Procedure for Limited Company

~Registration Procedure for Overseas Company

~Registration Fee and Levy

~Payment Methods

~Cancellation

Sole Proprietorship

~Definition

~Popularity

~Set-up process

~Advantages

~Disadvantages

~Reason of suitable for Small Business

~Examples

Partnership

~Definition

~Features

~Forms/Establish

~Liability

~General partnership

~Limited partnership

~Advantages

~Disadvantages

~Tax rate

~Dissolution and Termination

Limited Company

~Meaning

~Advantages

~Disadvantages

~Private limited companies

~Public limited companies

~Shares

~Procedures of Formation

~Taxes

Comparison

Conclusion

Working Table

General partnership

  The general partnership is one variation of the partnership vehicle wherein all partners participate actively in operating the business, sharing all the responsibilities involved in running the firm. Perhaps the most significant responsibility from the individual’s viewpoint is unlimited liability. As the business expands, liability increases correspondingly. Additionally, management of the corporation becomes increasingly more complex; however, too many equal partners make decision making almost impossible.1

The features of general partnership:

~ No separate legal identity.

~ Unlimited liability.

~ Each member is fully liable for the firm's debt.

~ Act by one member binds all other members.

~ Difficult to admit or withdraw partners.

~ Easy to set up and dissolve.2

1 Small Business Management: a planning approach - Joel Corman and Robert N.Lussier

 Times Mirror Higher Education Group, Inc. Company (1996) P.30

2 http://www2.hkedcity.net/sch_files/a/phc/phc-016112/public_html/unitproduction.htm

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