Business in Australia can be separated by their legal entity (i.e. the type of ownership structure that they use). There are primarily three types of ownership strategies: the sole trader, the partnership, and the company. A business must have only one owner to classify as a sole trader. This characteristic allows a lot of flexibility within the business. Decisions can be made more efficiently, the owner is able to reap all the rewards, and it is relatively easy to set up. Another advantage on a lesser scale would be to maintain a private business environment. However, being a sole trader also has its disadvantages. Unlike partnerships or companies there is a limited source of finance and of the same time a limited source of management skills. If the business fails the owner has unlimited liability. Another disadvantage would be the unreliable amount of work that would consume the owner.

However, some of the disadvantages may be resolved by forming a partnership. A partnersh

ip is defined by two or more people trading together in order to create profit. It is a completely different legal entity to that of a sole trader. In contrast to sole tradership, a partnership allows the sharing of resources or ideas, a lighter workload for the partners, a greater (but still limited source of finance) than sole tradership and a wealth of knowledge from each partner. However it also had a few disadvantages. Similar to sole tradership, each partner has unlimited liability if the business goes bankrupt. The profits of the business must be shared between the partners, and lastly the inability of a partnership to form quick decisions.

In conclusion, it can be seen that organizations can be classified into different types of business and each type of business have their respective advantages and disadvantages.

The tertiary sector concerns itself with the need for services. It is separated into two groups: quaternary and quinary services which are concerned with financial services and home services respectively.

A Company has a separate identity from its owner. It is owned by shareholders that have limited liability (if the company goes bust they lose only what they have invested in). There are two types of companies: a private company, and a public company. A private company is not allowed listing on the stock exchange and restrictions can be imposed on the sale of shares. It is not allowed to advertise its shares and it is usually smaller than a publi

Some common words found in the essay are:
Business Australia, CityRail Public, Registrar Companies, , sole trader, legal entity, public sector, sole tradership, primary sector, limited source, secondary sector, types business, private company, public company, sector tertiary sector, limited source finance, shareholders limited liability, sole tradership partnership,
Approximate Word count = 1007
Approximate Pages = 4 (250 words per page double spaced)