What is business

1.Sole proprietorship
A sole trader or sole proprietor is someone who establishes and operates a business on their
own. Being a sole trader can be a very rewarding, yet risky form of business to operate in.
Let's take a look at why this may be. A sole proprietorship is an unincorporated enterprise
entity owned and operated via way of means of a single individual. Its predominant benefit
lies in its simplicity: sole proprietorship is the default enterprise entity designation for all
and sundry promoting a product or service themselves, and calls for no unique filing. In
addition, a sole owner has unfettered manipulate over his or her company, and enjoys a
single spherical of taxation on non-public income. Nevertheless, the convenience of
putting in place a sole proprietorship is a double-edged sword, as this enterprise kind gives
the bottom safety for owners. Sole owners are absolutely responsible for their companies’
monetary and prison liabilities. This approach that in case your enterprise falls on
difficult times, your financial institution can come after your personal assets to settle your
enterprise’s debts.
2.Partnership

A partnership is a formal arrangement by two or more parties to manage

and operate a business and share its profits. It includes or extra individuals who
integrate their assets to shape a enterprise and conform to percentage risks, earnings and
losses. Common partnership enterprise examples encompass regulation companies, health
practitioner groups, actual property funding companies and accounting groups.

A partnership is a form of commercial enterprise corporation wherein proprietors have limitless

non-public legal responsibility for the moves of the commercial enterprise, though this hassle
may be mitigated via using a confined legal responsibility partnership. The proprietors of a
partnership have invested their personal budget and time withinside the commercial enterprise,
and proportion proportionally in any earnings earned with the aid of using it. There can also be
confined companions withinside the commercial enterprise, who make a contribution budget
however do now no longer participate in daily operations. A partnership also can confer with the
folks who paintings collectively to function a commercial enterprise as its owners. It also can
confer with a collection of agencies and/or folks who are appearing collectively to function
some other commercial enterprise, probably consisting of investments in that commercial
enterprise. The ensuing commercial enterprise might not legally be a partnership, however the
motion of the companions in growing the commercial enterprise can be taken into
consideration a partnership. There
are two possible ways to encourage the
continuity of a partnership, first one is offering the independent legal
personality status to partnership, and other one is when a partner dies or
leaves, allowing the partnership to continue between the remaining partners.
https://theshapeoflaw.wordpress.com/2018/07/16/partnership-law-of-sri-lanka/ - link for
partnership
https://www.irs.gov/businesses/small-businesses-self-employed/business-structures - business
structure

3.Private company

It doesn’t issue
Company ownership is split into shares owned by shareholders.
publicly traded shares and is more likely to rely on funding sources such as
individual savings, private investors, or borrowing. A private company is
one that doesn’t issue publicly traded shares and isn’t subject to
the Securities and Exchange (SEC) reporting requirements for public
companies. Private companies are often individually or family-owned, but
they may also be owned by private investors and shareholders. A company
must pay corporation tax out of any profits and can then distribute the remaining
profits among shareholders. It’s run by directors who are legally required to perform
certain duties for the company and its shareholders. private
companies don’t raise
capital by issuing public equity and debt securities. ll funding comes from
private sources, including venture capital, private equity, angel investors,
and private borrowing.
4.Public limited company
A public company is a company whose shares trade on a stock exchange. It must be
incorporated under Companies Act. No 2007 public companies have sold shares to the public
through an initial public offering. if the company is listed on a stock exchange
market, it can increase their potentials of being targeted by hedge funds,
venture capitalists, mutual funds, and other types of traders and investors.
It is a business that is managed by directors and owned by shareholders. Specifically, a public
company has to release financial statements completed according to the International
Financial Reporting Standards. Those statements must be verified by independent auditors
appointed by the company’s board of directors and published on a prescribed schedule.
6. Compliance dashboard of ach business type

Perspective - who is the report intended for

Objectives - of the compliance program
Measurements - KRIs and/or KPIs)
Indicators -

https://www.thebalancemoney.com/what-is-a-private-company-5187976