Commercial

Customer Types

Sole traders

Sole traders are people working on their own name, not on the one of a company. There is no division between personal assets and business assets. Liabilities are generally unlimited. This means that your personal funds may have to be used to pay off your debts.

Partnerships

A partnership is a legal relationship between individuals, companies or trusts.

Companies

A company is an association of natural or legal persons. Companies are separate legal entities. Companies are owned by shareholders and ran by directors who are elected by the shareholders.

Trusts

A trust is a legal relationship, not a legal entity.

A trust is composed of a trustee, e.g. company or a person, and beneficiaries, e.g. company or person. There are different types of trust, e.g. discretionary, constructed, etc.

A single person cannot be the trustee and the only beneficiary. If so, the trust collapses.

SMEs

SMES stands for small and medium enterprises. SMEs place some but not all liabilities on the owners of the company in question. SMEs can be sole traders, partnerships or even companies.

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