Forms of Business

In this first section of Business Management, you will start by learning about different forms of businesses. Businesses engage in activities by making goods and services available to customers for reward in the form of profits. Without the existence or availability of business organisations, essential goods and services would not be accessible to meet the demands of the consuming public. Goods are physical or tangible items, while services are the intangible needs and wants produced by business entities for consumers to utilise.

These businesses create jobs, enabling workers to earn an income to meet their needs.

They also contribute to raising government revenue through the payment of taxes to local and central authorities, which is used to develop infrastructure such as schools, hospitals, and roads. Furthermore, these businesses enhance the beauty of our cities and towns, promoting tourism.

Examples of some business entities are sole proprietorships, partnerships, companies and state-owned enterprises. Knowing these forms of businesses with regard to their features, benefits and challenges helps one as an entrepreneur to choose the best form of business to operate based on the nature of business activity one is involved in.

KEY IDEAS

• Business entities are set-up to provide goods or services to members of the public through transactions in order to make profit.

• Sole proprietors (one person) who own, control and manage all aspects of the business entity.

• Partnerships where at least two (2) but not more than twenty (20) people pool their resources together to operate a business with the aim of making profit.

• Companies which are a legal entity or organisation formed by individuals, known as shareholders or members, to conduct business activities.

• State-Owned Enterprises (SOE) in which the government or state has a significant ownership stake or control.

“Business” can be used to describe any activity or organisation engaged in the production, distribution or exchange of goods and services. It encompasses various activities such as manufacturing, purchasing, selling or exchanging goods or services in order to profit or achieve specified objectives. Most businesses' primary goal is to make profits and earn income by fulfilling the needs of their target market.

Business entails discovering opportunities, creating values, managing resources, taking measured risks and developing relationships in order to contribute to society’s well-being by delivering necessary goods and services to the appropriate consumers. The ultimate purpose of business is to provide value to consumers and society while generating income and ensuring their ongoing viability. Types of businesses include individual proprietorships, partnerships, corporations and state-owned organisations.

Figure 1.1: People in a supermarket buying needed goods and services (business) Objectives of business organisations The primary goals of starting a business vary, but the common ones include

1. Generation of revenue Business organisations are set-up to generate income and maximise profits for it to survive and grow.

2. Job development and employment Creating chances for individuals to be employed while contributing to economic progress, to be able to cater for themselves and their families.

3. Innovation and growth In order meet the needs and wants of their customers, businesses create new ideas, increase competitiveness in markets and drive innovation. Businesses may be established with the specific aim of growing or expanding their reach to local, regional or wider target markets.

4. To meet consumer needs A business aims to provide customers and clients with value in the form of products or services such as foods, education etc in order to satisfy their needs and wants.

5. Social responsibility This entails addressing social or environmental challenges while also giving back to the community. For instance, Telecel, MTN, Unilever, etc., provide boreholes (water) to communities in Ghana.

6. Personal fulfilment This entails pursuing a passion, gaining independence and achieving personal goals. It drives a business to perform its work very well in order to be rewarded.

The role of businesses in our society Businesses are important in our daily lives and serve people, communities and the country in different ways. Some of the key roles that businesses perform in Ghana include:

1. Job creation Businesses create job possibilities for Ghanaians, helping to reduce unemployment and improve living standards in the country.

2. Economic growth Businesses help to boost Ghana's Gross Domestic Product (GDP) by producing necessary goods and services which stimulates economic growth and development.

3. Innovation Businesses produce and launch new products, services and technologies. This fosters innovation and entrepreneurship across industries thereby boosting and sustaining economic activities in the nation.

4. Revenue Businesses contribute to the government's revenue by paying taxes and other fees, which help to finance public services and infrastructure improvements such as building more hospitals, schools etc.

5. Social responsibility In Ghana, many businesses participate in corporate social responsibility (CSR) efforts that benefit education, healthcare and community development. For example, Unilever, Ghana Ltd provided some communities in Ghana with boreholes.

6. Infrastructure development Some businesses engage in infrastructure projects such as transportation, energy and telecommunications to help improve Ghana's overall infrastructure.

7. Commerce and trade Businesses enable both domestic and international commerce, connecting Ghanaian goods to worldwide markets and encouraging economic integration.

8. Standard of living Businesses help to improve people’s quality of life through employment and the provision of goods and services.

Activity 1.1 Exploring the Concept of Business

1. List five goods or services you normally buy and use, and write down the places where you bought them.

2. Explain three (3) reasons why those places or shops are important in our society.

3. In pairs, discuss the meaning and key objectives of a business.

4. Write your answers in the table below or copy the table and use it to complete the

activity.

No. Products Where you bought the products Q1a. Key soap Ambassador provision shop b.

c.

d.

e.

Explain three (3) reasons why these shops are important Q2a.

b.

c.

Q3 Meaning of business Key objectives of business

6. In pairs, think about and discuss the meaning of essential terms such as goods, services, entrepreneur and profit. Use the spaces below to write down the important points from your discussion.

Goods:

Services:

Entrepreneur:

Profit:

8. Prepare a note on based on your understanding of the concept of business, its objectives and present to the class for feedback.

Activity 1.2 Understanding Basic Business Terms

1. Prepare for a discussion with a partner by looking at the images below and answering the questions that follow.

1 2

a. Identify some of the items found in the shop in Image 1?

b. What is the man in Image 2 doing and how does his activity impact your life?

c. Identify the image where goods are being offered for sale and the image where a service is being rendered for a charge. Write service or goods at the appropriate right-hand side column below for image 1 and 2.

Image 1 Image 2

d. What term could be used to describe either of these business people in their enterprise of providing goods and services?

e. What reward or benefit do you think they will get by providing goods and services to customers or clients?

2. As a group, share your work with others and review each other’s table or notes or interpretation prepared above. Use the space provided to record any notes from your review.

Notes from peer review.

Activity 1.3 The Role of Business in Society

Jifah-shoe-repairs is a small business that provides valuable services to members of the local community.

Find a partner and discuss:

1. Three ways by which Jifah shoe repairs as a business entity will impact the life of Jifah, her family and the community as a whole.

2. How businesses can balance profit-making and social responsibility.

3. The contributions of business organisations to societal development.

Use the table below to respond to the questions above.

a. Three ways by which Jifah shoe repairs will impact Jifah, her family and the community How businesses can balance profit-making and social responsibility Contributions of business organisations to the societal development

Activity 1.4 Business, its Objectives and Importance to the Society

1. Turn to the person sitting next to you in class and take turns asking each other questions based on the lesson. For example:

a. What is the meaning of business?

b. Mention three objectives of establishing a business.

c. Describe the importance of business to society.

2. Ensure you both have the opportunity to ask and answer questions. Be prepared to share the main points of your discussion with the wider class.

Classifications of Businesses

Business categorising may be based on various criteria such as size, ownership, industry and purpose. These classifications help you understand the scale, structure and operational complexity of businesses.

1. Business by size

a. Small businesses: Small businesses usually have 1 - 50 employees depending on the industry and country-specific definitions. They are relatively small but more structured than micro-enterprises. Small businesses are often owner-managed or family-run and serve a local market.

Examples of small businesses include Gari processing firms, local restaurants, retail stores or containers etc.

b. Medium-sized businesses: This classification of businesses typically has between 51 and 250 employees, though the exact range can vary by industry and region.

They are more established and structured than small businesses and have more resources to invest in business growth and innovation.

Examples of medium sized businesses include manufacturers, super markets etc.

c. Large businesses: These businesses usually have more than 250 employees; this can vary depending on the industry. They are often operated on a national or international scale. These businesses have a well-established management structure and formal processes.

Examples of these businesses are multinational companies e.g. MTN, large manufacturers, major retail shops such as Melcom.

2. Business by Ownership

a. Sole proprietorship: A business that is owned and managed by one person is referred to as sole proprietorship. This person enjoys the profits of the business alone but on the other hand, they are responsible for the consequences of the business.

Retail shops, microfinance organisations, food vendors, hairdressers may be examples of sole proprietorship business.

b. Partnership: This is a type of business of between 2 and20 individuals who contribute resources to form and run it and have agreed to share responsibilities and profits together.

Family businesses, law firms etc are all examples of partnership.

c. Company: A company is a legal entity formed by individuals or groups of individuals (shareholders) with the aim of operating a business to make profit.

d. State owned enterprises (SOEs): The government establishes and controls these organisations to provide essential services such as health, electricity etc to members of the public.

Examples of SOEs include Ghana Broadcasting Corporation (GBC), Volta River Authority (VRA) etc

3. Business by Industry Sector

a. Primary industry: Primary industries are involved in the extraction of natural resources and agriculture. Examples include mining, farming and fishing.

b. Secondary industry: Secondary industries are those concerned with the manufacture and processing of raw materials into finished goods ready for consumption or use.

Examples of this industry include construction, electronics, automobiles etc.

c. Tertiary industry: The tertiary sector involves the provision and delivery of services such as healthcare, banking and education.

4. Business by Purpose

a. For profit-making: These are businesses formed with the aim of producing goods and services in order to make some form of profit for owners and stakeholders.

These businesses include banks, supermarkets, etc.

b. Non-profit making organisations (NPOs): They are organisations set-up to perform charitable or social work. These organisations examples include non-governmental organisations (NGOs), churches and so on.

Activity 1.5 Classifications of Business with Examples

1. Arrange yourself in small groups of no more than 7 to discuss the four major classifications of business:

a. size

b. ownership

c. purpose

d. sector.

2. In your groups, complete the matching activity below to join the type of classification with the forms of business entity it includes.

An example has been completed for you.

3. Compare your answers with another group to see if you agree. If not, discuss your rationales and see if you can agree on a shared response.

4. Discuss how businesses are classified in your groups, including:

a. What categories of business fall in to each classification

b. How you define each category of business

c. Examples of each type of business – either local, national or international

5. You could use a table such as the one below to record the outcomes of your discussion.

Business classification Category Description Examples Size Ownership Industry sector Purpose

Activity 1. 6 Classifying Businesses in Ghana (Case Study)

1. Arrange yourself in small groups of between 5 and 7. Read the descriptions of each of the organisations below and state which classification of business applies to each example. Note that more than one classification could apply (a mining organisation with 100 employees could be classified by size (medium sized) and by sector (primary)).

a. Ghana Red Cross Society: The Ghana Red Cross Society is a humanitarian organisation that provides emergency assistance, disaster relief, and blood donation services. Its primary objective is to serve the community.

b. Cocobod: The Ghana Cocoa Board is a national organization responsible for regulating the cocoa industry in Ghana. Its main purpose is to promote and develop the cocoa sector as a national resource.

c. Ghana Oil Company Limited (GOIL): GOIL is an oil marketing company operating in Ghana, with a workforce of over 1,000 employees.

d. Kawula's Tailoring Shop: Kawula owns a small tailoring shop located in Kumasi. The business employs one apprentice who assists with the work while also learning the trade.

2. Your teacher may provide you with additional examples to discuss.

3. Be prepared to share your answers with the rest of the class for discussion and feedback.

Name of business Business classification

0. Ghana Red Cross Society Purpose

1.

Meaning of sole proprietorship A sole proprietorship is a type of business that is formed, financed, controlled and managed by one person (the owner). It is the oldest, simplest and the commonest form of business ownership. The sole proprietorship law considers the owner and the business to be the same legal entity where the owner makes decisions and has full control over the business’s operations. Examples of sole proprietorship businesses in Ghana include metal fabricator, wakye seller, mobile money (momo) vender, koko seller, provision vender among others.

Figure 1.2: Mobile money vender Figure 1.3: Koko seller Features of sole proprietorship business The key feature of sole proprietorships is summarised below.

1. Single ownership A sole proprietorship has a single owner who owns the entire business. The proprietor has the authority to make all business decisions and has complete control over the operations.

Figure 1.4: Food seller (owner of the food spot) serving her customer

2. Sole proprietorship The business is not considered a separate legal entity from the owner. This means that the law makes no distinction between the business and the individual/owner conducting it.

3. Unlimited liability A sole proprietorship allows the owner to be personally liable for the business's debts and responsibilities. This means that the proprietor's personal assets are at risk if the company incurs any financial or legal difficulties.

4. Direct taxation Sole proprietorships record their revenue and losses on the owner's personal tax return.

The company itself does not submit separate tax returns. The owner must pay taxes on the business's profits as part of their personal tax duties.

5. Less capital Sole proprietorships rely on personal savings, loans, or reinvested profits to sustain their operations. Because funding is based on the owner's personal resources, it limits the amount of capital that can be put in the business as compared to other business forms.

6. Minimal formation and dissolution requirements The sole proprietorship business may cease to exist if the owner dies or is permanently incapacitated.

7. Simple legal structure Sole proprietorships are easy to form and maintain. Compared to other company formations, such as corporations or partnerships, there are typically less legal requirements and formalities. However, the sole proprietor is still responsible for following all applicable laws, regulations, and licensing requirements.

Benefits of sole proprietorship ₁. They are easy to start and manage Sole proprietorships are a cost-effective and simple business structure to start and manage. To create and run a business, there are usually few legal procedures and no substantial documentation required.

2. Quick decision-making Sole proprietors have the ability to make independent judgments and respond to changing market conditions. This is because solitary owners do not have partners or stockholders on which they must rely or discuss before making choices. It is therefore flexible.

3. Direct profits Sole owners receive direct income from the enterprise. There is no need to share profits with partners or shareholders, which allows for bigger financial returns.

4. Less tax burden Sole proprietors typically pay lower taxes than other businesses because business income is taxed as personal income. The process of filing tax returns is also straightforward.

5. Ensures business confidentiality Sole proprietors are not required to publicly disclose financial information, ensuring the privacy of their operations.

6. Complete control A sole proprietor has full control over their business. They can make decisions on their own and carry out their vision without relying on consensus or shareholder approval.

Activity 1.7 The Concept of Sole Proprietorship and its Features

1. List examples of businesses you know in your community and other places.

2. From your list, identify the businesses that are owned and managed by one person e.g. koko seller, waakye seller, provision shop owners etc and then use such examples to link your understanding to the concept of sole proprietorship.

3. Working with the person sitting next to you, come up with a simple definition of a sole proprietorship business.

4. Share your definition of a sole proprietorship with your colleagues and compare similarities and differences in your responses. Record your agreed definition in your workbooks.

5. As part of your discussion, try to identify businesses owned by men or women in sectors or industries typically dominated by the opposite gender. Can you think of business owned by people from disadvantaged backgrounds or who have overcome personal challenges in order to build their business. It is important to remember that business is for everyone.

6. With your partner discuss and identify the features of a sole proprietorship business

Note:Use the spaces or table below to perform the activity above.

Features of a sole proprietorship

Activity 1.8 Benefits of Sole Proprietorship

1. Arrange yourself in small groups of 3 – 5 to discuss the advantages or benefits of running a sole proprietorship business.

2. Outline your points using the table below Benefits of a sole proprietorship

3. Be prepared to share your answers as part of a wider class discussion.

In this lesson, you will develop your understanding of sole proprietorships. This lesson focuses on the challenges and sources of funding for sole proprietorships.

Challenges of sole proprietorship Whilst being a sole proprietor can offer a lot of flexibility; it does come with challenges which include:

1. Lack of continuity If a sole proprietorship owner becomes incapacitated or goes away, the business may not be able to continue. The company normally ceases to exist, and any assets or obligations are managed by the proprietor's estate. This can lead to uncertainty for customers, suppliers, and staff.

2. Unlimited liability Sole proprietors have unlimited personal liability for their business's debts and liabilities.

Personal assets may be jeopardized if legal action is taken or financial troubles arise.

3. Limited resources Sole owners may have limited financial resources and experience. Raising finance may be more difficult than with other business formats, as lenders and investors may be unwilling to offer funds due to the greater personal risk.

4. Workload and time commitment Sole proprietors manage all areas of their business, including operations, marketing finance, and administration. This can result in a hefty workload and a substantial time commitment, perhaps leading to burnout and trouble achieving work-life balance.

5. Limited skill set Sole entrepreneurs are responsible for managing all areas of their firm. This necessitates a varied skill set in fields such as marketing, finance, sales, and operations. Wearing many hats can be hard, necessitating further learning or outsourcing of difficult duties.

6. Less development prospects The sole proprietorship business's performance may be restricted by the owner's time, resources and experience. Expanding the firm or taking on greater initiatives may be difficult without further assistance.

Sources of funding for sole proprietorship A sole proprietor is typically funded through the owner’s personal resources or external funding. Some common sources of funding include:

1. Personal savings: The owner of the business invests their own money to start and expand the business.

Figure 1.5: An individual who has saved money to build up capital counting it to start business

2. Trade credit: Suppliers allow businesses to purchase items on credit and pay later.

3. Retained earnings: Profits are reinvested to drive corporate growth and expansion.

4. Family and friends: Borrowing finances from family and friends who are willing to assist the business. Some friends and family members may just offer money to help start the firm.

5. Loans: Sole proprietors can obtain personal or company loans from banks and financial institutions.

6. Government grants and support programmes: Some governments offer financial help or incentives for small businesses.

7. Crowdfunding: This involves raising modest amounts of money from a large number of individuals, typically through internet platforms. This funding strategy enables entrepreneurs, particularly sole owners, to raise funds from individuals who believe in their business idea.

8. Angel investors: These are individuals that invest in tiny enterprises for future returns.

Activity 1.9 Challenges and Sources of Funding for Sole Proprietorship

1. Arrange yourself in small groups to discuss the challenges confronting sole proprietorships.

2. Actively participate in the group discussion whiles respecting the views of your colleagues.

3. Use the table below to outline your points.

Challenges of sole proprietorship

4. Extend your discussion to identify and explain the various sources of funding available to sole proprietorship businesses.

5. Exchange your work with another group for peer review and feedback.

6. Present your work to the entire class.

This lesson will introduce you to partnerships as a form of business entity.

Partnership Business

A partnership is a business organisation which is made up of at least two but not more than twenty individuals who have agreed to be partners, to share ownership, management, responsibilities and control of the business. A partner refers to an individual who shares ownership, responsibility and decision-making authority in a partnership.

Partners can be individuals, such as entrepreneurs, professionals, or investors, or they can be other businesses, corporations, or entities. Partners contribute resources, expertise and capital, sharing profits, losses and work collectively to achieve the goals of the business.

Figure 1.6: Partnership

Features of partnership ₁. Shared ownership Two to twenty individuals own a partnership business. Each partner contributes capital, labour or both to the business and shares the profits and losses according to the partnership agreement or deed.

2. Joint decision-making Partners of the business participate in management by taking part in decision-making.

This means decisions are typically shared among the partners

3. Unlimited liability Partners are personally responsible for business debts. For instance, in a general partnership, partners have unlimited personal liability for the debt and obligations of the business. This means that partners’ personal assets can be used to settle business debts and legal obligations.

4. Limited life span A partnership is likely to be dissolved if a partner leaves, dies or if there is a mutual agreement to end it.

5. Mutual agency Each partner can bind the others. That is, the activities of any of the member or partner binds the rest.

6. Profits and losses are shared together Partners in a partnership business share profits as well as losses incurred in the business.

In some instances, profits and losses may be shared according to the agreement or contributions or status of each member.

Partnership deed and its content A Partnership Deed is a formal legal document that defines the rights, duties, and terms agreed upon by partners in a partnership business. It helps to avoid misunderstandings and establishes a legal foundation for settling conflicts.

Figure 1.7: Partners studying partnership deed or agreement A partnership deed normally includes the following provisions

1. Finance contributions: Each partner's contribution of funds, assets, or resources to the partnership.

2. Sharing of profit or loss: The agreement specifies how profits and losses will be distributed among partners, typically based on ownership percentages or other agreed- upon criteria.

3. Decision-making and management: This section outlines the partnership's decision- making process, including authority, duties, and obligations for all partners. This section may address voting rights, managerial responsibilities, and significant decision- making methods.

4. Partner withdrawal or termination: The agreement covers withdrawal, retirement, and admission of new partners. It also describes the process of terminating or dissolving the partnership, including the allocation of assets and liabilities.

5. Conflict resolution: Mediation or arbitration procedures may be established to resolve potential disagreements between partners.

6. Confidentiality and non-compete: The agreement may preserve partnership information and limit partners' capacity to engage in competitive activity.

7. Duration and amendments: This section describes the partnership's term and processes for amending or modifying the agreement.

Activity 1.10 The Concept of Partnership

1. List some of the activities you have collaborated with colleagues or friends to do.

Record your list in your workbook or you could use a table such as the one below.

No. Things (works) you have collaborated with others to do

2. Share with the larger class the benefits and challenges you experienced while working with others (partners). Use the table below to summarise your responses.

No. Benefits of collaboration Challenges of collaboration

3. Based on you experience with collaboration, pair with a classmate to draft a simple definition or explanation of partnership as a form of business entity.

4. Compare your definition or explanation of partnership with others and improve definition. Once agreed, record your final definition in your workbook.

5. Join with another pair to identify and discuss the features of a partnership business Features of a partnership business

Activity 1.11 Partnership Deed/Agreement

1. Carefully read the case below and answer the questions that follow.

Awute and Adoganga are two friends who have decided to start a wood design business together. They have agreed to form a partnership and are currently discussing the terms and conditions to include in their partnership agreement.

a. Define and discuss partnership deed/agreement.

b. Suggest some of things (provisions) they can include in the partnership deed/agreement.

2. Use this table below to write your responses.

Definition of partnership deed Things (provisions) to include in the deed

3. Present your ideas to the class for feedback

In this lesson, you will develop your understanding of partnerships to include the processes of formation, the benefits and challenges of running a partnership and the various sources of funding to partnership business.

Formation of partnership Forming a partnership business in Ghana entails a number of legal and procedural requirements to ensure compliance with the Registrar-General's Department (RGD) and other regulatory agencies.

The main steps in the procedure to form partnership are:

1. Select a business partner Choose reliable business partners with similar goals and values. Partners could be friends, family members, or others who share a similar business perspective.

2. Create a partnership agreement While not legally needed, it can avoid disagreements. This agreement should include the company's name and purpose, partner contributions, profit and loss-sharing ratio, roles and responsibilities, conflict resolution methods, conditions for admitting or withdrawing partners, and the process for dissolving the partnership if necessary.

3. Register the business To assure legal recognition, register the business name with the Registrar-General's Department (RGD) in Ghana. Conduct a name search to establish the uniqueness of the name. Fill out Form A (Registration of Partnerships) and submit the required information.

4. Obtain a business registration certificate After submitting paperwork and paying registration fees, the Registrar-General's Department will provide a Certificate of Registration as proof of legal recognition.

5. Obtain Tax Identification Number (TIN)

Each partner must get a Tax Identification Number (TIN) from the Ghana Revenue Authority (GRA). The partnership must also be tax-registered, including for company tax and VAT, where applicable.

6. Open a business bank account To separate personal and business finances, the partnership should open a business bank account under the company name. Most banks demand a partnership agreement, TIN, and a business registration certificate to complete the process.

7. Obtain business permits and licenses Depending on the business, the partnership may require permits from appropriate authorities. For example, food-related enterprises must obtain FDA permission, but businesses that have an impact on the environment may require permits from the Environmental Protection Agency. Furthermore, all enterprises must get a company operating authorization from their local municipal assembly.

8. Ensure compliance with labour and business regulations If the partnership engages personnel to work, they must register with the Social Security and National Insurance Trust (SSNIT) for employee benefits. In order to function legally, the company must also follow Ghanaian labour laws and other business standards.

9. Begin business operations Once legal criteria are completed, the partnership can start operations. Partners must maintain accurate financial records and meet all tax requirements.

Benefits of partnership businesses ₁. It is easy to form: Partnerships are simple to form and require less paperwork than other company entities such as corporations. This simplicity speeds up the startup procedure.

2. Shared decision making: Decision-making involves collaboration and partnership.

This shared duty ensures that all partners' views and perspectives are considered when making significant company choices.

3. Business continuity: Partnerships offer greater continuity than single proprietorships.

A well-structured partnership agreement assures that the business will continue even if one or more partners quit.

4. Acquire skills and knowledge: Partnerships provide access to complementary skills and knowledge. Each partner contributes distinct talents, experience, and viewpoints.

For example, one partner may excel at sales, while the other is a licensed accountant or marketing specialist.

5. Sharing of risk: Risk sharing distributes financial and operational risks among partners, limiting personal culpability.

6. Reduced financial burden: Sharing start-up costs and expenses with partners alleviates financial stress. Additionally, having numerous partners increases borrowing capacity because risk is dispersed among them.

Challenges of partnership ₁. Less capital and resources: Difficulties in obtaining external capital may limit the company's potential for expansion.

2. Profit sharing: Unlike single proprietorships, profits are distributed among partners, which might cause unhappiness in the partnership.

3. Unlimited liability: Partners in a general partnership have limitless personal liability for business obligations, putting their personal assets at risk.

4. Dependency on partners: Partnerships rely significantly on each member, and a partner's absence can impair corporate operations.

5. Decision-making difficulties: Reaching consensus on decisions can be difficult, limiting business agility.

6. Conflict of Interest: Differing viewpoints and values between partners can cause conflicts and negatively damage the working relationship.

7. Good succession plan: Proper succession planning is essential to avoid business disruptions caused by partner withdrawal, retirement, or death.

Sources of funding for partnership ₁. Partner contributions: Partners offer resources to a business, including finance, talents and knowledge. These partners’ contributions may include financial investments, business networks, management expertise etc.

2. Retained earnings: Profits are reinvested in the business instead than paid to shareholders. This internal financing source can fund expansion or debt repayment.

3. Trade credit: This short-term financing solution enables businesses to purchase goods or services on credit and pay later. This helps to manage cash flow and working capital.

4. Bank loans: This sort of external financing involves borrowing money from a bank or financial organisation. The loan is normally repaid with interest over a set time period.

5. Government grants and support programmes: These programmes offer financial help to enterprises for specific reasons such as research and development, job creation and innovation.

6. Crowdfunding: A funding mechanism in which multiple individuals contribute small amounts to promote a project or business. This procedure is facilitated by platforms such as Kickstarter and Indiegogo.

7. Angel investors: High-net-worth individuals invest in startups or early-stage businesses for stock. They frequently offer essential mentoring and industrial expertise.

8. Venture capital: Investment backing for early-stage, high-growth firms. Venture capitalists accept shares in exchange for their investment and seek returns through eventual exits.

Activity 1.12 Formation of a Partnership

1. Your teacher will arrange you in small groups. Read the case scenario below and carefully and answer the questions that follow.

Linda and Fuseini want to open a phone accessory shop together. Fuseini will bring capital, and Linda will run the shop. They plan to share profits 60/40.

They are unsure whether to register the business or write a formal agreement.

a. What step have they already taken?

b. What are they missing?

c. Suggest the procedures for them to follow and properly form the partnership.

2. Write your responses using a table like the one below.

What step have they already taken?

What are they missing?

Suggest the procedures for them to follow and form the business

3. Share your responses with other groups. Compare ideas and learn from each other.

Ask questions and seek clarification if you are still unsure.

Activity 1.13 Forming a Partnership

1. Your teacher will provide you will a set of cards on which are written each of the steps that need to be taken in the formation of a partnership. Alternatively, write each step down on a post-it or sticky note.

2. Working in small groups, discuss each step and agree how you would rank each step based on their importance:

Place the step you think is most important at the top.

The next two important steps follow on the row below.

The next three steps form the middle row.

The second and third least important should be placed on the row below that.

Place the step you think is the least important at the bottom.

3. Your ranking should look like a diamond shape.

4. Consider the placement of each step and be prepared to justify this to the rest of the class as part of a wider discussion and comparison of all groups’ rankings.

Activity 1.14 Benefits, Challenges and Sources of Funding for Partnership

1. In groups, choose a type or example of partnership business you would like to start.

For instance, entering into partnership to farm and sell onions, locally designed furniture, African wear, etc.

2. Once you have decided on the type of business, discuss the following:

a. The benefits or advantages of forming a partnership

b. The likely challenges or problems you may face in the partnership

c. The possible sources of funding for the business as a partnership

3. Summarise your ideas in the table below.

Benefits of partnership Challenges of partnership Sources of funding

4. Present your work on flip chart paper to the rest of the class for discussion and feedback.

Here, we will move on to learn about companies as business entity.

Company A company is a legal entity in the form of an official body founded by individuals known as shareholders, or members, to carry out business activities. Companies in Ghana are governed by the Companies Act, 2019 (Act 992), which allows one or more people to form a company under the Act. A company has a distinct legal identity from its owners, which allows it to hold assets, enter into contracts, sue, and be sued. Companies can be private or public, and they are usually founded to make profits.

Figure 1.8: GCB Bank Plc

Features of a company A company often possesses the following characteristics

1. Company ownership A company is owned by its shareholders, who provide capital or resources in exchange for ownership rights or shares. Shareholders or members often have the right to participate in decision-making processes and share the company's profits and losses.

2. Structure of management A company's management monitors daily operations and strategic direction of the business. This could include directors, officers or managers who make decisions and handle the company's activities.

3. Continuous existence Companies have an everlasting life, unlike partnerships and sole proprietorships. This means that a company can continue to exist and operate despite changes in ownership or the exit of shareholders or members.

4. Legal entity A company is a separate legal entity that can own property, execute contracts, and sue or be sued in its own name.

5. Limited liability Shareholders' financial risk is restricted to their investment in the company. Their personal assets are safeguarded if the firm incurs debts or losses (unless in an infinite corporation).

6. Legal compliance Companies must register with the Registrar-General's Department, follow tax laws, and adhere to business regulations.

7. Board of directors A company's directors make decisions on behalf of shareholders to ensure that the company business performs well.

8. Capital raising Companies can raise funds by selling shares, accepting loans, issuing bonds, or attracting investors.

Types of Companies

Section 7 of the Companies Act of 2019 categorises companies into four major categories.

These include

1. company limited by shares.

2. unlimited business.

3. company limited by guarantee.

4. external company.

Company limited by shares The most common type of company is company limited by shares. The owners (shareholders) invest money by purchasing shares, and their financial liability is limited to the amount invested. If the corporation owes money, shareholders cannot lose more than the amount they invested. Shareholder-owned businesses are typically profitable. Private company use the suffix “Limited Company” or the abbreviation “Ltd”.

Unlimited company Shareholders have unrestricted financial accountability. If the company is unable to pay its debts, shareholders must utilise their own assets to repay the costs. This is uncommon but utilised when owners require additional freedom. When an unlimited company is established as a private corporation, its name is suffixed with the abbreviation “PRUC”. If it is incorporated as a public company, it has the suffix “PUC”.

Company limited by guarantee Members agree to contribute a specific sum if the company experiences financial difficulties, rather than having shareholders. These companies are typically non-profit organizations, charities, or clubs. A company limited by guarantee has the suffix “Limited by Guarantee” or the acronym “LBG”.

External company To legally conduct business in Ghana, an external company, also known as "foreign company," must register with the Registrar-General's Department under the Companies Act 2019 (Act 992). It is a company that originally begins from one country and to register and operate a branch in Ghana. These companies are governed by their home country's laws but must also comply with Ghanaian regulations.

Activity 1.15 The Meaning and Features of a Company as a Business Set-up

1. In pairs, read the case below carefully and answer the questions that follow.

Enyonam started a skincare business and decided to register it as a company called BrightGlow Ltd. She invited two friends to invest by buying shares.

Together, they appointed a board of directors to manage the company.

BrightGlow Ltd. was officially registered under the Companies Act. It operates under its own name, has its own bank account, and can enter into contracts.

Later, when the company was sued over a product issue, Enyonam was not held personally responsible. Only the company’s assets were affected.

a. What is a company?

b. Identify and discuss the features of a company from the case.

2. Compare your definition and list of the features of a company with those of other pairs. Add any key points you may have missed.

Activity 1.16 Types of Company

1. Carefully read each of the scenarios below:

Scenario 1: Kwabena – Tech Startup Founder Kwabena wants to create a software development company with plans to grow and attract investors. He is ready to sell shares to family and friends to raise capital. However, he wants to ensure that if the business fails, he will not lose his personal property.

Scenario 2: Efua – Boutique Fashion Owner Efua wants full control over her fashion business and is confident in taking big financial risks. She does not mind using her personal property to support the business if needed, and she prefers fewer restrictions on how she runs the company.

Scenario 3: Abdul – Community Organizer Abdul plans to run a non-profit organisation that supports youth development through training and mentorship. He does not need to make profits for himself or sell shares but wants to register the organisation officially to receive support and donations.

Scenario 4: Ayinpogbila - International Franchisee Ayinpogbila works with an international food brand and wants to open a franchise branch in Ghana. The parent company is based in the UK, but she must register it to legally operate under that brand name in Ghana.

2. In groups, match each person (Kwabena, Efua, Abdul, Ayinpogbila) to the appropriate type of company under the Companies Act 2019 (Act 992) in Ghana.

Justify your choices.

3. Record the answers in your workbook using a table such as the one below.

Type of company Business/Person Reason Company limited by shares Unlimited company Company limited by guarantee External company

4. Extend your discussions to include the features of each type of company. Listen to each other’s ideas and ask questions of the other members of the group so that you can benefit from their understanding.

Type of company Features Company limited by shares Unlimited company Company limited by guarantee External company Extension Activity Leveraging Company

1. Identifyt a company (as defined under the Company’s Act 2019 (Act 992)) that operates in your area and that you would like to find out more about.

2. Research your chosen company to:

a. Understand what the company offers and how it operates

b. The structure of the organisation

c. Why it is attractive to shareholders

d. Are there any reasons why potential investors could choose not to invest in the company?

3. Use your findings to prepare a simple report on what you discovered and share your report with your classmates.

Name of company and overview of operations …………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………… Benefits of investing in the company Reasons why investors may choose not to invest Write the report of your findings here

Procedures to Register a Company in Ghana

The Registrar General's Department (RGD) is in charge of numerous critical processes in the process of registering a company in Ghana. A step-by-step guide is provided below.

1. Select a business name Determine and choose a name for the company, then conduct a name search at the Registrar General's Department (RGD) to guarantee it is unique.

2. Prepare required documents Fill out the company registration forms from the RGD. Prepare company regulations (Company constitution), which explain the company's rules and objectives. Provide information about directors, shareholders, and the company secretary (include identification documents such a Ghana card or passport).

3. Obtain a Tax Identification Number (TIN)

All directors, shareholders, and company secretaries must obtain a TIN from the Ghana Revenue Authority before registration.

4. Submit documents and pay registration fees Submit completed forms to the Registrar General's Department and pay required fees, stamp duty, and processing charges.

5. Receive Certificate of Incorporation and Commencement

Upon approval, the company receives a Certificate of Incorporation from RGD, confirming its legal existence. Companies planning to start a firm must also get a Certificate of Commencement.

6. Register the company with GRA After getting the certificate of commencement, register with the Ghana Revenue Authority (GRA) to pay taxes to the government.

7. Business permit Obtain business operating permits and register with SSNIT for employee contributions.

Obtain any industry-specific licenses or approvals (e.g., FDA for food firms, Bank of Ghana for financial organisations).

8. Business bank account Set up a corporate bank account in the company's name to handle the company’s financial transactions.

Benefits of a company ₁. _(Limited) liability: Limited liability companies (LLCs) provide shareholders and members with limited liability protection. Their personal assets are typically protected from the company's debts and legal obligations, lowering personal financial risk.

2. Separate legal entity: A company exists independently of its owners. This means that the company business can own property, enter into contracts, sue or be sued and conduct business operations under its own name.

3. Continuous existence: Companies have a perpetual existence, unlike sole proprietorships and partnerships. They can continue to exist and operate even if ownership changes, shareholders or members leave, or individual owners pass away.

4. High capital formation: Companies have the advantage of raising capital by issuing shares or attracting investments from shareholders or investors. This offers for greater possibility to raise cash for expansion, research and development and other commercial objectives.

5. Ownership transferability: Companies often have easily transferable ownership interests, making it easier for shareholders or members to join or leave. Owners benefit from increased flexibility and liquidity.

6. Professional management: Companies typically have boards of directors and managers to ensure effective business decision-making and operations.

Challenges for a Company

₁. The startup cost is high: Unlike sole proprietorships and partnerships, registering and establishing a company requires significant resources, including legal and administrative fees.

2. Complex legal and regulatory compliance: Complying with legal and regulatory obligations can be challenging and time-consuming for businesses. Compliance with tax rules, reporting requirements, corporate governance standards, and other restrictions can be difficult, especially for small enterprises.

3. High administrative and operational cost: Companies typically incur more administrative and operational expenditures than sole proprietorships or partnerships.

They may need expert help, such as legal and accounting services, to comply with legal requirements and effectively handle business activities.

4. Some companies may suffer double taxation. In some circumstances, firms pay taxes on profits, while shareholders pay taxes on dividends received. This can lead to a larger overall tax burden.

5. Difficulty in decision-making: As a company grows, decision-making processes can become more complex due to conflicting interests among shareholders or members.

This can slow down decision-making and hinder agility.

6. Risk of loss of control: Companies with multiple shareholders or members may experience diluted control due to ownership interests being distributed among various individuals.

7. Complex dissolution process: Closing a corporation includes legal procedures, debt settlements, and regulatory permissions, which can be challenging.

Sources of funding for companies ₁. Share capital: Businesses can raise capital by selling stock to investors. The funds raised can be used to finance the activities of the business.

2. Trade credit: Suppliers enable companies to purchase items on credit and pay later.

3. Grants and subsidies: Government and other bodies provide financial support to companies to promote business growth.

4. Bank loans: Companies borrow from commercial banks to be operate the business and repay with interest.

5. Retained earnings: Profits made by the company can be re-invested instead of using it to pay dividends to shareholders.

6. Personal savings: Business owners use their personal funds to begin and finance operations of the business.

7. Sale of company assets: Selling of the business assets such as machinery or land etc to raise funds and finance the activities of the business.

8. Credits: Microfinance and credit union loans are alternatives for small firms that may not qualify for bank loans.

9. Venture Capital: Investment by venture capital firms in exchange for company shares.

10. Angel investors: These are wealthy individuals who invest in startup companies for equity.

11. Bonds: Companies offer bonds to investors in exchange for money or capital for business operation and pay interest.

Activity 1.17 Procedures for Registering a Company

1. Using digital resources, research the procedures for registering a company in Ghana.

2. Share your research findings on the process as part of a wider class discussion.

3. Create a flow chart to show the various steps involved in registering a company.

The diagram or illustration should visually represent each stage, from choosing a business name to obtaining the certificate of incorporation and commencement.

4. After completing the task, exchange your work with a partner for feedback.

Activity 1.18 Benefits, Challenging and Sources of Funding for a Company

1. Your teacher will divide the class in to three groups and assign you with one of the following tasks to research and present back to the class

a. Group 1: Discuss the benefits of operating a company business.

b. Group 2: Discuss the challenges of operating a company business.

c. Group 3: Discuss the sources of funding available to a company business.

2. Each group to assign roles among themselves to ensure smooth discussion and collaboration. The roles to be performed by members of the group may include:

a. Group Leader: He or she is to facilitate the discussion and keeps the group focused.

b. Secretary: This member of the group takes notes and summarise key points for presentation.

c. Timekeeper: He or she ensures discussion stay within the allocated time.

d. Presenters: They are group members who shares the group’s findings with the class.

e. Monitor: This member of the group ensures active participation and keeps everyone on task.

3. If possible, the group leaders could clarify concepts where needed. Encourage critical thinking by asking probing questions to enable members to understand issues well.

4. The class should reconvene and allow group representatives to present their findings. Allow for feedback from colleagues and where necessary clarify concepts for better understanding.

State-owned enterprises A State-Owned Enterprise (SOE), mostly known as a government-owned organisation or a public sector enterprise, is a corporate entity in which the government or state holds a significant ownership stake or control. Typically, it is an organisation which is a government-owned and operated business. In a state-owned enterprise (SOE), the government often owns the majority or all of the company's stock or has the right to designate senior executives such as chief executive officer, etc.

SOEs operate in a variety of industries, including transportation, banking, energy, telecommunications and natural resources.

Types of state-owned enterprises ₁. Commercial state industries These corporations operate in competitive marketplaces, similar to private enterprises, with the goal of making profits while also serving the public good. They follow a disciplined business plan, invest in infrastructure, and strive to provide quality products or services for a profit. Examples include the Ghana National Petroleum Corporation (GNPC), the Volta River Authority (VRA), the Electricity Company of Ghana (ECG) and the Ghana Ports and Harbour Authority (GPHA).

2. Non-commercial state industries These are founded to deliver necessary public services, rather than for profit. Their primary objective is to ensure that all individuals have access to essential services, and they frequently receive government financing or follow public service mandates.

Examples include the Ghana Broadcasting Corporation (GBC), Ghana Post, and government hospitals.

3. Hybrid state industries or enterprises Hybrid SOEs blend commercial objectives with social responsibilities. They are designed to be financially sustainable while still fulfilling important public service roles.

These organisations often enjoy greater operational flexibility compared to traditional government agencies, allowing them to balance profit-making with their social mission.

Examples include Social Security and National Insurance Trust (SSNIT), National Health Insurance, etc.

Key characteristics of a state-owned enterprise ₁. Government Ownership: The government or state, at the national or regional level, owns 100% or a significant stake in the enterprise.

2. Regulatory Oversight: State-owned enterprises are subject to government rules and scrutiny. Their performance, openness and financial reporting are all rigorously regulated by the government.

3. Government Control: The government can oversee the operations and management of state-owned enterprises. This control can be achieved by appointing key executives, board members, or providing regulatory supervision.

4. Operational Autonomy: Despite being government-controlled, many SOEs have the ability to manage day-to-day activities efficiently under government restrictions.

Examples include VRA, SNNIT, GWCL and GPHA.

5. Provision of services: SOEs are established to offer important services to residents.

These services may include utilities such as water and electricity, healthcare, education, public transit, and postal services.

6. Dual objectives: SOEs often attempt to earn money while simultaneously addressing societal requirements including job creation, regional development, and service affordability.

7. Financial support: State-owned enterprises often obtain government subsidies or guarantee to achieve their aims.

Activity 1.19 Exploring State-Owned Enterprises

1. Find a partner and discuss the questions below:

a. “Can the government of Ghana establish and run businesses?”

b. “Are businesses only set-up and operated by private individuals and groups?”

2. Share your thoughts by presenting strong arguments for both (a) and (b)

3. Identify examples of businesses owned by the Government in Ghana.

4. Individually reflect on the meaning of state-owned enterprises. Share your thoughts with your partner and then refine your definitions or explanations of SOEs based on your discussions.

Note: Copy the table below and use it to answer questions 1 – 4 above.

Provide answer to Q1.

Identify 6 examples of businesses owed by government in Ghana Based on your understanding, state the meaning of state-owned enterprises here

Activity 1.20 Types and Features of State-Owned Enterprise

1. Your teacher may put show some short videos outlining the activities of state- owned enterprises. Alternatively, read the following case scenarios

a. GIHOC Distilleries Company Ltd It is a state-owned enterprise in Ghana that is engaged in the production and sale of alcoholic and non-alcoholic beverages. It manufactures popular brands such as gin, herbal liqueurs, whisky, and bottled water. The company operates in a highly competitive market, supplies both local and international customers, and earns revenue through product sales. The company operate with a strong focus on profit-making and market competitiveness.

b. Ghana Broadcasting Corporation GBC is a state-owned institution responsible for broadcasting news, cultural content and educational programmes to the public. It does not operate to make profits but ensures that all Ghanaians, including those in remote areas, have access to public information. Its funding comes largely from the government to support its public service role.

c. Social Security and National Insurance Trust A third organisation manages pensions for workers. It collects monthly contributions, invests the funds, and pays benefits to retired workers. While it aims to be financially viable, its main mission is to support social welfare by securing income for people in retirement

2. Classify each of these organisations either:

a. Commercial SOE

b. Non-commercial SOE

c. Hybrid SOE

3. Explain why you think the organisation is classified in this way.

4. Record your answers in your workbook using a table such as the one below:

Company Type of SOE Justification

GIHOC Distilleries Company Ltd

Ghana Broadcasting Corporation

Social Security and National Insurance Trust

5. Discuss the key features of a state-owned enterprise with a partner and present your answer for feedback.

The Benefits State-Owned Enterprises (SOEs)

₁. Strategic Control: State-owned enterprises (SOEs) give the government direct control over crucial sectors for national interests, security, and development. This allows the government to create policies, assure long-term planning, and link these firms' activities with broader national objectives.

2. Boost economic activities: SOEs can boost economic development by investing in infrastructure, nurturing local industries, stimulating innovation, and creating jobs.

They can help to drive industrial expansion, technological innovation, and regional development.

3. Provision of essential services: State-owned enterprises can be found in important sectors like healthcare, education, utilities and transportation can provide reliable, inexpensive, and accessible public services. They prioritise public goods over profit maximization and guarantee widespread access to essential services.

4. Stability and security: SOEs can promote stability and security in sectors like energy and natural resources by securing key resources, maintaining strategic assets, and limiting risks from external market swings or geopolitical reasons.

5. Income Generation: Successful SOEs can provide significant money to the government through dividends, taxes, or royalties. These financial donations can go toward funding public programs, social welfare initiatives, infrastructure development, and other government priorities.

The Challenges of State-Owned Enterprises (SOEs)

₁. People criticise them: State-owned enterprise face criticism for being less efficient and innovative than private firms. Bureaucratic processes, government meddling, and a lack of competition can all impede efficiency, agility, and the ability to respond to changing market conditions.

2. Control: SOEs may confront issues with governance and accountability. Political influence, nepotism, and a lack of transparency can all have an impact on decision- making processes, resulting in poor outcomes. Addressing these difficulties requires adequate corporate governance and accountability measures.

3. Financial Burden and Subsidies: SOEs may require significant government support, resulting in fiscal constraints. Subsidies, bailouts, and non-commercial operations can put a strain on public resources, especially when state-owned enterprises are not financially sustainable or suffer from mismanagement.

4. Monopolies and Market Distortions: State-owned enterprises (SOEs) can limit competition and disrupt market dynamics. This can limit innovation, reduce consumer choice, and stifle the expansion of private sector engagement in the economy.

5. Decisions are Politicised: SOEs can be influenced by politics and make decisions based on political considerations. This can result in poor decisions influenced by political concerns rather than economic or commercial factors. Ensuring the autonomy and independence of SOEs from political intervention is critical to their effective operation.

6. Inefficient Resource Allocation: State engagement in particular industries might result in inefficient resource allocation due to political factors influencing economic decisions over market dynamics. This can lead to misallocation of resources, inefficiencies, and economic distortions.

The Sources of Funding Available to State-Owned

Enterprises (SOEs)

1. Government Budget Allocations: The government provides direct financial support to state-owned enterprises.

2. Internal Generated Funds (IGF): Revenue from SOE operations, including service charges and product sales.

3. Subsidies: Government funding to assist operations or lower expenses.

4. Bonds and Debentures: A bond is a loan from an investor to a government or firm, with the borrower agreeing to repay the money with interest after a specified period. SOEs raise money by issuing bonds to investors.

5. International Grants and Aid: Financial support from international organizations such as the World Bank, IMF, and donor agencies.

6. Loans: Borrowing from banks, financial institutions, state funds, or the central government.

Activity 1.21 Benefits, Challenges and Sources of Funding for SOE

1. Your teacher will arrange you in small groups of no more than five. In your groups, read and analyse the case below carefully before attempting the questions that follow.

Case Study: Ghana Post Office (GPO)

Ghana Post is a state-owned enterprise (SOE) responsible for providing postal services in Ghana. Established in 1883, Ghana Post has played a vital role in connecting people and businesses across the country. Despite its historical significance, Ghana Post faces challenges in the modern era.

Ghana Post provides postal services to all parts of Ghana, including rural areas, promoting communication and economic development. It offers financial services, such as money transfers and bill payments, increasing access to financial services for underserved populations. It also, provides logistics support as it facilitates the transportation of goods and packages from one place to another thereby supporting businesses and individuals to get their problems solved.

However, there is a declining volume of mail due to the rise of digital communication which has affected Ghana Post's revenue. Another issue the enterprise is battling with is infrastructure, including facilities and equipment which are outdated and in need of modernisation.

In addition, Ghana Post struggles with financial sustainability due to inefficiencies, debt and competition from private courier services. Ghana Post has faced criticism for inconsistent service delivery, including delays and lost parcels or packages given out for save delivery.

Opportunities for Ghana Post include to leverage the growing e-commerce market to increase parcel delivery services and generate revenue. Digitalisation is another area where Ghana Post can explore digital solutions to improve efficiency, customer experience and competitiveness. The Post can partner with private companies to improve services and increase revenue.

Questions

a. What are the benefits and challenges of Ghana Post as a state-owned enterprise?

b. How can Ghana Post improve its financial sustainability and service delivery?

c. What opportunities exist for Ghana Post to innovate and grow in the digital age?

d. Should Ghana Post be privatised? What are the potential benefits and drawbacks?

e. How can Ghana Post balance its universal service obligations with the need to be competitive and efficient?

f. Explain the term “courier service” and state two courier service organisation operating in Ghana.

2. Prepare a report and make a presentation of your work to the larger class for feedback. Connect the case study to the general benefits and challenges of state- owned enterprises (SOEs).

3. Through your analysis identify and explain various sources of funding for state- owned enterprises (SOEs) in Ghana.

Extended Reading

• Companies Act 2019, (Act 992)

• Any approved Business Management Book by NaCCA.

• Read on types of partners in a partnership firm from any approved Business Management Book by NaCCA

• Read the documents required for the formation of companies from the Companies Act 2019, (Act 992) here: https://www.gipc.gov.gh/wp-content/ uploads/2023/04/COMPANIES- ACT-2019-ACT-992.pdf 27