What is Legal Structure?

WHAT IS A LEGAL STRUCTURE?

Legal Structure is how an organisation is set up to operate in the eyes of the law, which affects how it pays its taxes, the degree of liability on the owners and restrictions on how it is able to operate.

Your task:

Identify 3 differences between incorporated businesses and unincorporated businesses

Hints:

·         Limited liability status

·         Type of tax payments

·         Number of owners

·         What the owners are called

·         Business names and what appears at the end of the names to differentiate them