Business Ownership

Business Ownership

18th September 2019 0 By Business Integration Bureau

Introduction

Any type of company, business or organization has to select an ownership structure or operations. There a a huge range of variations on a global scale although there are only a few structures that are considered to be the best structures to run a business.

We will speak about the most popular structures on a global scale from single person private enterprises to massive organizations trading on a stock exchange such as the JSE (Johannesburg Stock Exchange)

There are indeed 3 key considerations you need to look at:

  • What is your expected growth scale.
  • The ease of management, financial recording, and reporting that you are willing to take on.
  • The amount of liabilities you as an owner is willing to accept and work with.

NAMING A COMPANY

Do

  • Use a domain suggestion tool to search for available internet domain names and work back from there.
  • Be descriptive so potential customers instantly grasp the nature of your business.
  • Say the name out loud as it may come across differently from the written word. The aim is for people to search and find it,especially online, just from hearing it.
  • Keep it short and simple and avoid puns.

Don't

  • Include your name, as if the venture fails your name will be associated with it.
  • Ape competition, because if your name is unique, you have much better chance of ranking to the top of search-engine results. If your name is similar to that of your competitors, your customers can't distinguish.
  • Spend time thinking of a name until your product and brand is finalized. Get the product right first and the name will naturally follow.

Types of Ownerships

  • Basic structures such as a sole trade or partnership are simple to setup and require little startup capital.
  • One or more people own the business, usually a small business or a startup that trades as a legal entity.
  • All Owners are personally liable for any business debts.

Private Companies

  • More complex to set up and run, a private company is a legal entity that is separate from its owner or owners.
  • The company structure means the owners are not usually personally liable for the debts caused by the business.
  • Private companies are owned by shareholders, who are often the company's managers.

Public Companies

  • Companies that go public are large businesses, and they have many legal and financial reporting obligations.
  • The general public and other institutions can buy shares in public companies.
  • The public company structure is good for a major capital injection, allowing the business to expand.

Multinational

  • Multinationals have operations in various countries, enabling them to grow faster and have more flexibility.
  • Multinationals can save money by setting up operations in countries where costs are lower and operations more productive.
  • Foreign branches can adapt to the local market and also find new markets while operating in that respective region.
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