- SimonLv 59 years agoFavorite Answer
generally, we may divide companies into 3 different types, namely proprietorship, partnership and incorporation.
proprietorship: company wholly owned by 1 person, who needs to be responsible for all the liability incurred by the company
partnership: company owned by 2 to multiple persons, normally within 50 persons. all the partners proportionally share the responsibility incurred by the company
incorporation: company is an independant legal entity with a registered principal. the owners and the company are separate entities and the owners have no responsibility to bare the liability of the company
in the professional aspects like solicitors, doctors, accountants, etc, normally the professional reports are signed by an individual who should be a member of the professional bodies. it means the incorporation may not be a possible way as the incorporation can not register as a member of the professional bodies.
for proprietorship, as there is only 1 owner, the owner may not be able to handle much work and thus, only the new professionals or small professional firms will be at the type of proprietorship. once the company grows bigger, it will become partnership