As stated, Primark has shareholders with limited liability and its shares are not offered to the general public, it is therefore a private limited company; meaning that a contrary to a public limited company, the shares of the company cannot be trade on the stock exchange and the legal disclosure requirements are lighter.

Different types of company can be differentiate; first of all, we should distinguish between private and public company as the main differences include the number of shareholders, the transferability of the shares, the directors as shareholders and the source of capital. We are talking here about private limited companies which have shareholders with limited liability and for which shares may not, by law, be offered to the general public. In a private limited company, disclosure requirements are lighter; shares are usually transferred by private agreement between the seller and the buyer; by statute the minimum number of director is one; and finally the capital is formed with an authorized share capital and an issued share capital. Differing from that, there are public limited companies which are similarly limited liability companies but which sell shares to the public, can be whether listed or not on the stock exchange and finally is required, by statute, to provide at least two directors at formation. In addition, a co-operative is a different thing as it is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. Co-operatives are thus businesses with the following characteristics:

– They are owned and democratically controlled by their members

– The people who buy their goods or use their services. They are not owned by investors.

– They are organized solely to meet the needs of the member-owners, not to accumulate capital for investors.

For example, a retail co-operative could comprise a group of people who join together to increase their buying power to qualify for discounts from retailers when purchasing food.

(c).

The organization Primark operates in the secondary sector which is the sector of the economy that manufactures finished goods.

(d).

A country’s economy can be separated into several sectors in order to define the share of the population engaged in the activity sector. First of all, the primary sector of the economy extracts and produces goods from the earth; it includes the production of raw material and basic foods. Undertakings related with the primary sector comprise agriculture, mining, forestry, farming, grazing, hunting and gathering, fishing, and quarrying. Next, the secondary sector of the economy produces finished goods. All of manufacturing, processing, and construction lies in the secondary sector. Activities connected with the secondary sector comprise metal working, automobile creation, textile production, chemical and engineering industries, aerospace engineering, energy services, engineering, breweries and bottlers, creation, and shipbuilding. Finally, the tertiary sector of the economy is the service industry. This sector delivers services to the overall population and to businesses. Activities accompanying this sector embrace retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, theater, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.

2.0

(a).

(b).

(c). As a tax is a financial charge or other levy imposed on an individual or a legal entity by a state, there are therefore various types of taxes, broadly divided into two heads:

– Direct tax which is proportional

– Indirect tax which is differential in nature

The different taxations a government may therefore levy in an economy are:

Stamp duty, levied on documents

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Excise tax (tax levied on production for sale)

Sales tax (tax on business transactions, especially the sale of goods and services)

Value added tax

Tax on specific services

Road tax, vehicle excise duty, registration fee, etc.

Gift tax

Duties (tax on importation, levied at customers)

Corporate income tax on corporations

Wealth tax

Personal income tax