Types Of Business Organisation

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Types Of Business Organisation

Types Of Business Organisation

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  • 1. Types of Business Organisation BTEC Business
  • 2. Two Sectors
    • The economy can be divided into two sectors:
    • The Private Sector
    • The Public Sector
  • 3. The Private Sector
    • Private individuals and firms that are owned by private individuals
    • Firms in the private sector include:
      • Sole Traders
      • Private Limited Companies (Ltd)
      • Partnerships
      • Public Limited Companies (PLC)
  • 4. The Public Sector
    • Made up of central government, local government, and businesses that are owned by government
    • In the last twenty years the number of government-owned firms in the UK has shrunk massively
    • Now, very few examples remain, for instance, the Royal Mail
  • 5. Private Sector Firms
    • One of the key differences is between:
    • Sole traders and partnerships whose liability is unlimited
    • And
    • Private Limited and Public Limited Companies, who have ‘limited liability’
  • 6. Other Business Types
    • Co-operatives are owned by their staff, who are ‘members’ of the firm
    • Profits are shared amongst the members
    • Losses too must be shared
  • 7. Franchises
    • Many businesses today are franchises
    • A business idea is licensed to a franchisee
    • The owners of the brand receive a license fee
    • The franchisee gains the right to use the business brand
  • 8. Not For Profit Businesses
    • Many charity-based business organisations are run as ‘not for profit’ operations
    • They typically receive donations or funds from groups or government
    • Any financial surplus is ploughed back into the business
    • The organisation does not aim to generate profits