Business Structure
sole owner of a business. Very easy to set up, but has unlimited liability.
Sole Trader
A business formed by two or more people to carry on a business together with shared capital investment.
Partnership
farming, coal, fishing, coal
North Korea or a government controlled resources economy
Command economy
Business who have full legal responsibility for the debts of the business.
Unlimited Liability
Two business come together and help each other with a new project.
Joint Venture
all members can contribute to the business with the same share and same work.
Cooperative
Manufacturing, computer, baking, clothes making brewing
The united states or economic resources owned and controlled by both private and public sectors.
Mixed Economy
The only liability or potential loss a shareholder has if the company fails
Limited Liability
small to medium companies owned by share holders often members of the same family cannot sell shares to general public.
Limited Liability Company
established business plan, market and products
Benefits of a Franchise
Identify an example of a buiness in the tertiary sector
services banking retail tourism hotels
Singapore or an economy that is owned largely by individuals without state intervention
Free market econonmy
they own a percentage of a company
Shareholder
a method of distributing products or services, establishes the brand's trademark or trade name and a business system
Franchise
freedom for your individual business without paying fees.
benefits of individual owned businesses
Businesses providing information services such as computing web design or it
Quarternary sector business activity
A business with mainly social objectives that reinvests most of its profits into benfiting society.
Social Enterprise
A certificate confirming part ownership of a company
Share
Organizations and industries controlled by the government.
Public Sector
Access to more finance
Gaining legal identity
protecting owners capital through limited liability
advantages of changing forms of business ownership
legal costs and formalities
loss of control
profits are shared
Disadvantages of changing the form of business
this document covers the internal workings of and control of the business.
Articles of Association
The legal right to use the name logoa trading systems of existing successful business.
Franchise