The Private Sector
In these last ten years the Maltese economy has grown rapidly in Malta and continuously. As years goes by we see that Malta is becoming a more service oriented economy.
The labour force amounts to 148,818 (2003). The gainfully occupied population totals to 137,758 (2003) of which approximately 69.6% are male and 30.3% are female.
The gainfully occupied population expanded in recent years, mainly as a result of more employment opportunities in the private sector.
The Maltese economy is divided into two sectors, the public sector and private sector.
The public sector, services are given to the public with no intention of profits buy only to provide a service to the customers.
Such services are:
Justice and Social Security
The economy is made up of organizations which are run by private individuals and companies.
Such organizations include:
Sole Trader involves one person who starts a business operation on his own.
Their point is that there is no deference between the ownership and the management, these two are merged in one person, that is the person and the business are a single entity. This is very important because as we shall see companies of whatever type are a separate legal entity distinct from the owner and manager. A sole trader is liable for all the debts of the business. The owner of the business is responsible for all debts.
The deed of Partnership shall contain:
Name and residence of each of the partners
The partnership name
The registered office of the partnership
The trade to be carried out by the partnership
Contribution of each of the partners
Once the deed of partnership has been set up between the partners it must be delivered to the...