Question

Part 1. Research and fact finding of Australian financial market

1.1 Comparison of three essential types of businesses in Australia: use the following criteria and organize your comparison in a relevant table:

1) Owner/s of businesses

2) Level of difficulty in setting up the business

3) Life the business (limited or unlimited

4) Liabilities of owners over the business’s debts

5) Legal status of business

6) Level of difficulty in mobilizing funds

7) Level of difficulty in business transfer

Answer 1

As per the Chegg policy, I am answering the first four parts of the question:

Comparison of three essential types of businesses in Australia

Criteria	Sole Trader	Partnership	Company
1) Owner/s of businesses	Single Owner, who has direct control over the business.	Business is conducted by 2 or more people, who are the owners.	Shareholders own the company and Directors are appointed to run the business.
2) Level of difficulty in setting up the business	Low costs and minimal legal procedures to set up the business.	The Partnership name must be registered under the Business Name Act.	Complicated and expensive structure due to compliance costs.
3) Life of the business (limited or unlimited)	Limited life span	Partnership has a Limited life.	Unlimited life span
4) Liabilities of owners over the business’s debts	Sole trader bear full responsibility for any liability of the business.	Liability of the partners is unlimited and extends to their private property.	Liabilities are limited to the company's asset only.