1975-12-06 — Page 25

育教華僑頁三第張六第 日四初月一十年卯乙瑟夏 WAH KIU YAT PO

1976中學會考試題預習專欄

堅道書院主編

經濟及公共事務科(四)·李維。

ECONOMIC AND PUBLIC AFFAIRS

Section A: Question three

Write briefly on the following:

(a) sole proprietorship, (b) partner- ship,(c) limited companies.

Sole proprietorship, partnery ship and limited companies are the three main types of business organ- isation under private enterprise,

Sole Proprietorship

-A

It is the one-man business. single individual provides the capa- tal, takes decisions, and assumes the risks. The proprietor: ie solely. responsible for the success or fail- ure of the business, and he is the only one who reaps the profits and bears the Loss.: Sole proprietorship .isvery. common in service industries. like hairdressing, cleaning, foctor etc.

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The advantages of one-man business are:

報日僑惠

1. Since the proprietor enjoys all

the profits, he has great incentive to run the business efficiently. 2. As the owner is also the decision- maker, the firm is more flexible to changes and is capable of uatering. to the personal needs of customein

3. This type of firm is usually small in size. That the small

amount of capital needed is easier: to 'raise.

4. Direct supervision and management

is possible, much unnecessary wastes. can be avoided.

5. The procedure and the tasks in..

setting.wp. this type of business is more simple.. A. person with small capital is capable of starting a business of this kind.

Sole proprietorship also has

many disadvantages:

The owner is the sole risk-bearer, and the liability is limited...

There is greater limitation on its ability to raise new funds for expansion. Borrowing is not easy"

for a small firm. A

3. The personal ability of one owner in running a large firm also hinders any business expansion.

Partnership

A partnership is an association of two or more individuals in carry- ing on business. The maximum number. of partners allowed in Hong Kong is 20. Partnerships are often formed in order to obtain new capital, to bring new ability and enterprise into business. This type of firm is common in such professions as law, accountant etc.

民樂

北河

英華

麗華

映續場五線全!满狂

陳劉高劉林李豐

·楊、賭筵油一妙志建香噴

合觀數。 演紅干烈繫思榮明琴文

六期星

The advantages of this form of business organisation are:

1. It allows a greater degree of specialisation than the one-man

business. The capital, experience and: wisdom of the partners can be pooled together.

2. With greater access to capital it can achieve greater size than the sole proprietor.

3. The risks of business can be.

shared among partners.

日六月二十年五七九一歷公年四十六國民中

The main disadvantage of part- nership is that its survival rests won the continued harmonious relati

ionships between a number of people. The running of the firm is threaten- ed with. the death or resigration of. Moreover; the liabili一 any partner. ty of the: partners is unlimited. A11 partners are legally responsible for the mistakes made by anyone of them.

mited Companies.

A limited company is a business rganisation consisting a number oI persons who-contribute towards a joint stock of capital which is: often divided into shares. The salient feature of limited companies. is limited liability. Each shure- holders liability for the company's debts.is limited to the amount of. his holdings.

To start a limited companies. two documents are required,

the. Memorandum of Association and the Articles of Association. The former: contains the name and address,

the: amount of authorized capital and the objects of the company. The latter sets out the internal organisation of the company as regard to the.

powers of directors, the rights of shareholders, and the frequency of Company Meetings and so on.

麗 洋南·華南 都

There are two kinds of limited companies: private limited companies and public companies, Their differ-

ences are:

1. For a private company, the number

of shareholders cannot exceed 50, whereas there is no upper limit on the number of shareholders in a public company.

2. A public company can offer its

shares to the public in the stock market. The shares are freely transfered. While the transferabi- lity of shares in a private company required the permission from the company. They are not traded in stock exchange..

3. Public companies have to publish their financial statements to the

But private companies need public. not.

The advantage of a limited company is its limited liability.. The:shareholds are protected by law in case of a loss. By issuing shares, a limited company can raise new capital from the public easily. Thus, a limited company can be

The readily expand its business. continuity of business is also guaranteed, as it is rui by a board of directo ro..

However, the setting up of arm limited company. is very complicati. And that there is no business' con- fidentiality for a public limited compary. Another disadvantage is that, ordinary shareholders have

ittle say in the management. Question for next week:

What is a stock exchange market? How does the stock exchange affect an economy?

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