THE DIFFERENCES BETWEEN A BUSINESS NAME AND A LIMITED LIABILITY COMPANY
THE DIFFERENCES BETWEEN A BUSINESS NAME AND A LIMITED LIABILITY COMPANY A sole proprietorship is often a registered Business Name (BN) that is owned and managed by just one person. Legally, the individual and his company are "one." Such a person is legally responsible for all business losses and gains. As he and the business are one and the same, if it fails, he will be held personally responsible. The good news is that he has total control over his company and is not required to split his income with anyone. Legally speaking, a limited company is a distinct entity. is a term used to describe a legal entity where the shareholders and directors have certain protections. When a company of this type is established, it has an authorised share holding that establishes the maximum extent of shareholder liability. This is the most practical choice if someone is investing money in the company but does not want to be involved in running it. DIFFERENCE BETWEEN A BUSINESS NAME AND A C