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    This document discusses different types of business entities including sole proprietorships, partnerships, and companies. It provides key details about partnerships, including that partnerships in Pakistan are governed by the Partnership Act of 1932, the maximum number of partners is 20, and partners have joint and several liability for partnership debts. It also outlines the differences between private and public limited companies, and notes that shareholder liability in a limited company is limited to the amount of capital contributed.

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    Lect-01TV

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    This document discusses different types of business entities including sole proprietorships, partnerships, and companies. It provides key details about partnerships, including that partnerships in Pakistan are governed by the Partnership Act of 1932, the maximum number of partners is 20, and partners have joint and several liability for partnership debts. It also outlines the differences between private and public limited companies, and notes that shareholder liability in a limited company is limited to the amount of capital contributed.

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    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    9 views16 pages

    Lect 01TV

    Uploaded by

    dani
    This document discusses different types of business entities including sole proprietorships, partnerships, and companies. It provides key details about partnerships, including that partnerships in Pakistan are governed by the Partnership Act of 1932, the maximum number of partners is 20, and partners have joint and several liability for partnership debts. It also outlines the differences between private and public limited companies, and notes that shareholder liability in a limited company is limited to the amount of capital contributed.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 16

    Financial Accounting

    Lecture 01
    Types of Business Entities

    • Sole
    Proprietorship
    • Partnership
    • Companies
    • Sole
    Proprietorship
    • Partnership
    Partnership

    • Partnership in
    Pakistan are
    governed by
    Partnership Act
    1932
    Partnership

    • Maximum
    number of
    partners in a
    partnership is
    20.
    • Exceptions –
    Firms of
    Lawyers,
    Joint and Several Liability

    • All liabilities of
    the business
    are the joint
    and several
    responsibility of
    the surviving
    partners in
    case of death
    Un-Limited Liability

    • If the assets of
    the partnership
    are not enough
    to repay all
    debts or
    liabilities then
    personal assets
    of partners
    • Companies
    Limited Company

    • Companies are
    formed under
    Companies
    Ordinance
    1984.
    Types of Limited Company

    • Private Limited
    Companies
    • Public Limited
    Companies
    Limited Liability

    • Liability of
    individual
    shareholder is
    limited to the
    amount of
    capital
    contributed by
    him.
    Types of Public Limited
    Companies
    • Listed
    Companies
    • Un-Listed
    Companies
    • Single Member
    Companies
    • Non-Profit
    Organizations
    Non-Profit Organizations

    • Non-
    Government
    Organizations
    (NGO’s)
    • Trusts
    • Societies
    • Foundations

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