Business Structure

Unlimited Liability means that, should the business go bankrupt, the owners would not only lose the business assets but also their personal assets.

Unincorporated Companies are those which don't have a separate legal existence. All the documents are prepared in the name of the owners and all owners have unlimited liability.

Incorporated Companies are those which have a separate legal identity. All documents are prepared in the name of the firm and the owners have limited liability.






Details and Advantages/Disadvantages of all types of firms can be found in Chapters 3 through 5 of Rob Jones' Edexcel International GCSE Business Studies book.