Types of business ownership + role of secretary and chairperson in meetings.

Sole trader

Must register with revenue commissioners for self-assesment and VAT.
unlimited liability
they often struggle to raise funds, relying on personal funds and limited investment
full control
NOT a separate legal entity
taxation - income tax
no need to publish accounts
continuity of existence - no

Partnership

Business owned by 2-20 people who share profits and responsibilites, e.g. Doctor and dental practices

CRO, Revenue and deed of partnership - formal contract outlining profit sharing, salaries, etc.
unlimited liability
finance: more members can be added to raise additional funds
control shared among partners as per the deed of partnership
separate legal entity - no
taxation - income tax
no need to publish accounts
can end by mutual agreement or if a partner resigns, dies, or becomes bankrupt. new deed of partnership must be drawn up if others want to continue

Co-operative

Business owned and controlled by its members.
e.g. credit union
Must submit rules for the business to registrar of friendly societies, then a certificate of registration is issued. they must register with revenue
Limited liability
Finance: members contribute capital and profits are reinvested or shared amongst members
control: management comitee elected
taxation: corporate tax
must publish annual financial accounts
dissolved by mutual agreement or court order if bankrupt
continuity of existence - yes

Statuatory meeting

First meeting of the company - constitution is explained, board of directors elected

Shareholders attend

Annual general meeting - AGM

Directors report on company performance, show audited financial statements and allow shareholders to question them, appoint auditors, and elect the board

Shareholders, Board of directors and auditors attend
Once a year

Extraordinary General Meeting - EGM

held to discuss urgent matters that cant wait until AGM, nothing else discussed

Shareholders and Board of directors attend

Board meeting

Held to establish long-term goals, approve major decisions, review performance and approve budgets

Board of directors attend.
usually once a month

Chairperson

Maintains order: makes sure that standing orders are followed, maintains order

Follows agenda: stays on topic

Checks quorum: minimum amount of participants required

Manages voting: calls for votes on motions

Secretary

Sends notices: the formal communication indicating time and place for meeting, and the agenda: the list of topics discussed

Records minutes: notes documenting decisions, discussions and actions taken

Handles correspondance: manages any correspondance related to the meeting