Legal forms of business entity
Personal versus impersonal businesses. . In both of these forms, the people are the business. All assets are owned by them and all debts are owed by them in person. A company is a business in its own right. It sells, buys, accumulates wealth, incurs debts and employs people. If you form a limited company, you must clarify your relationship with it, e.g. as a shareholder, director or employee. .
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