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Company

Company

A company is a type of business structure that is a separate legal entity from its owners.

It’s a complex business structure, with higher set-up and administrative costs because of extra reporting requirements and higher-level legal obligations. The structure, costs and legal obligations make a company structure better suited to a medium to large business.

As a separate legal entity from its owners, a company can sue and be sued and incur debts. The company’s owners (the shareholders) can limit their personal liability and are generally not liable for company debts.

The business operations are controlled by the company directors and owned by the shareholders.

The company structure makes it easier to sell or transfer ownership of the business.


Pros and Cons of Company

Pros

1. Diversification

2. Creative Freedom

3. Flexibility

4. Following your dreams

5. Leaving a legacy

6. Job creation

Cons

1. Increased financial risk

2. Increased legal liability

3. Health risks due to stress

4. Responsibility for employees and administrative staff

5. Tax issues

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