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A sole proprietorship is the oldest and the most common form of business. It is a one-man organisation where a single individual owns, manages and controls the business.
Advantages
Ease of formation
Maximum incentive for work
Secrecy of business
Quick decisions and flexibility of operations
Disadvantages
Limited capital
Limited managerial ability
Limited life
Unlimited liability
Hence, this form of organisation is suitable for the businesses which involve moderate risk, small financial resources, capital requirement is small and risk involvement is not heavy like automobile repair shops, small bakery shops, tailoring, etc. It accounts for the largest number of business concerns in India.
Private Limited Company:
A private limited company is a voluntary association of not less than two and not more than fifty members, whose liability is limited, the transfer of whose shares is limited to its members and who is not allowed to invite the general public to subscribe to its shares or debentures.
A private company is preferred by those who wish to take the advantage of limited liability but at the same time desire to keep control over the business within a limited circle and maintain the privacy of their business.
Advantages
Continuity of existence
Limited liability
Less legal restrictions
Disadvantages
Shares are not freely transferable
Not allowed to invite public to subscribe to its shares
Scope for promotional frauds
Undemocratic control
Partnership Firm:
Partnership is defined as a relation between two or more persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all. The owners of a partnership business are individually known as the "partners" and collectively as a "firm".
Advantages
Ease of formation
Greater capital and credit resources
Better judgement and more managerial abilities
Disadvantages
Absence of ultimate authority
Liability for the actions of other partners
Limited life
Unlimited liability
Partnership is an appropriate form of ownership for medium sized business involving limited capital. This may include small scale industries, wholesale and retail trade; small service concerns like transport agencies, real estate brokers; professional firms like charted accountants, doctors' clinic, attorney or law firms etc.
Public Limited Company:
A public limited company is a voluntary association of members which is incorporated and, therefore has a separate legal existence and the liability of whose members is limited.
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