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the condition by which shareholders are legally responsible for the debts of a company only to the extent of the  value of their shares.

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the condition by which shareholders are legally responsible for the debts of a company only to the extent of the  value of their shares.

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Limited Liability.

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Legally responsible for all aspects of their business you will make all decisions about starting and running your business

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private limited companies have 1-50 shareholders

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Personal accounts can not be held liable when the business is in

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The business with the most market share

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- Simple and inexpensive to set up
- Workload can be shared among partners
- Risk/Debt is shared amongst partners
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Example - Post Office

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the surplus remaining after total costs are deducted from total revenue

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1. to make a profit
2. fulfil a market need/social need
3. meet shareholder expectations
4. market share

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Shareholder: This is a person that buys a piece of a business for a period of time. There are listed on the ASX

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Shareholder: This is a person that buys a piece of a business for a period of time. There are listed on the ASX

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Partnership: 2-20