Identify the different legal structures that businesses can adopt, including sole traders, partnerships, private limited companies (ltd), public limited companies (plc), and not-for-profit organisations.
Analyse the benefits and drawbacks of each legal structure, specifically regarding management and control, available sources of finance, liability, and the distribution of profits.
Explain the concept of limited liability and identify which legal business structures benefit from this protection.
Evaluate and recommend the most appropriate legal structure for a variety of business scenarios, such as new start-ups versus large, established businesses.
