In Part VI you have learned that:

• There are several forms that you can select for your business. The form or type of corporate structure is
important and can make a difference in:
- The cost of starting and registering the business
- The simplicity or complexity of starting and administering the business
- The financial risk for the owner of the business
- The possibility of having partners
- The way decisions are made in the business
- The taxation of business profits
• A sole proprietorship is an easy and cheap form of business to start. But it is also the most risky,
because you as the owner are personally responsible for all the debts of the business.
• A partnership can be an advantage if the business needs skills or experience which you do not
possess. Partners can also help by contributing capital to start the business. All partners share the
responsibility for the debts of the business so your own risk is reduced.
• A cooperative is formed by a number of people who decide to work together for a common purpose.
The common purpose can be either economic gain or to provide certain services for the members of
the cooperative.
• The biggest advantage of a limited company is that there is less risk for each shareholder. As a
shareholder you only risk losing the money you put into the business when purchasing shares. But a
limited company is quite complicated and expensive to form.
• When you run a business you have legal responsibilities, including paying taxes, following labour laws
and regulations, getting licences and permits and abiding by lease agreements and other contractual
agreements.
• Insurance can provide some protection against fina
In Part VI you have learned that:
• There are several forms that you can select for your business. The form or type of corporate struc
ture is
important and can make a difference in:
- The cost of starting and registering the business
- The simplicity or complexity of starting and administering the business
- The financial risk for the owner of the business
- The possibility of having partners
- The way decisions are made in the business
- The taxation of business profits
• A sole proprietorship is an easy and cheap form of business to start. But it is also the most risk
y,
because you as the owner are personally responsible for all the debts of the business.
• A partnership can be an advantage if the business needs skills or experience which you do not
possess. Partners can also help by contributing capital to start the business. All partners share the

responsibility for the debts of the business so your own risk is reduced.
• A cooperative is formed by a number of people who decide to work together for a common purpose.
The common purpose can be either economic gain or to provide certain services for the members of
the cooperative.
• The biggest advantage of a limited company is that there is less risk for each shareholder. As a
shareholder you only risk losing the money you put into the business when purchasing shares. But a
limited company is quite complicated and expensive to form.
• When you run a business you have legal responsibilities, including paying taxes, following labour
laws
and regulations, getting licences and permits and abiding by lease agreements and other contractual
agreements.
• Insurance can provide some protection against fina
In Part VI you have learned that:
• There are several forms that you can select for your business. The form or type of corporate structure is
important and can make a difference in:
- The cost of starting and registering the business
- The simplicity or complexity of starting and administering the business
- The financial risk for the owner of the business
- The possibility of having partners
- The way decisions are made in the business
- The taxation of business profits
• A sole proprietorship is an easy and cheap form of business to start. But it is also the most risky,
because you as the owner are personally responsible for all the debts of the business.
• A partnership can be an advantage if the business needs skills or experience which you do not
possess. Partners can also help by contributing capital to start the business. All partners share the
responsibility for the debts of the business so your own risk is reduced.
• A cooperative is formed by a number of people who decide to work together for a common purpose.
The common purpose can be either economic gain or to provide certain services for the members of
the cooperative.
• The biggest advantage of a limited company is that there is less risk for each shareholder. As a
shareholder you only risk losing the money you put into the business when purchasing shares. But a
limited company is quite complicated and expensive to form.
• When you run a business you have legal responsibilities, including paying taxes, following labour laws
and regulations, getting licences and permits and abiding by lease agreements and other contractual
agreements.
• Insurance can provide some protection against fina
• In Part VI you have learned that:
• • There are several forms that you can select for your business. The form or type of corporate str
ucture is
• important and can make a difference in:
• - The cost of starting and registering the business
• - The simplicity or complexity of starting and administering the business
• - The financial risk for the owner of the business
• - The possibility of having partners
• - The way decisions are made in the business
• - The taxation of business profits
• • A sole proprietorship is an easy and cheap form of business to start. But it is also the most risky,
• because you as the owner are personally responsible for all the debts of the business.
• • A partnership can be an advantage if the business needs skills or experience which you do not
• possess. Partners can also help by contributing capital to start the business. All partners share the
• responsibility for the debts of the business so your own risk is reduced.
• • A cooperative is formed by a number of people who decide to work together for a common pur
pose.
• The common purpose can be either economic gain or to provide certain services for the member
s of
• the cooperative.
• • The biggest advantage of a limited company is that there is less risk for each shareholder. As a
• shareholder you only risk losing the money you put into the business when purchasing shares. Bu
ta
• limited company is quite complicated and expensive to form.
• • When you run a business you have legal responsibilities, including paying taxes, following labou
r laws
• and regulations, getting licences and permits and abiding by lease agreements and other contract
ual
• agreements.
• • Insurance can provide some protection against fina