Types of Company

Basically there are three types of company available:
1) A COMPANY
2) PARTNERSHIP
3) SOLE-PROPRIETORSHIP.

The key difference is that their liability, number of members and transferability. Though there are other elements such as structure, registration, Constitution, Capital, Security, Rule, etc, I will be focusing on the 3 simple elements.

Liability wise, in COMPANY, there is only a limited Liability, as for the other two, unlimited Liability will apply, meaning that when their business goes bankrupt, they will still have to pay with their own money.

Number of members - Sole-Proprietorship can only have one owner, while Partnership can have up to 20 members running it, though for professional firm, there is no cap. As for Company, just like the professional firm, there are no maximum number except if it is a private company, then a cap of 50 person needs to be applied.

Transferability - Company can always transfer shares as that is their ownership. Sole-Proprietorship also can be pass on from one person to another. The problem here is the Partnership where you cannot just simply transfer.