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1.7   choosing the right legal structure - moodle
 

1.7 choosing the right legal structure - moodle

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  • Explain that public is government and private is Ltd and also Plc.
  • Explain that public is government and private is Ltd and also Plc.
  • Students should then complete the Jennings Cycles worksheet (LO3)

1.7   choosing the right legal structure - moodle 1.7 choosing the right legal structure - moodle Presentation Transcript

  • Do NowWhat do you remember from ‘Understanding Markets’ …. Test what you’ve learned!
  • Choosing the right legal structure
  • Learning ObjectivesBy the end of this lesson you should be able to:1. Understand why it is important to have the right legal structure and recognise the sector they fit into.2. Identity and explain the key features, benefits and drawbacks of various types of business.3. Evaluate the most appropriate business structure for particular situations.
  • What is the right legal structure? Why it is important to choose the right legal structure for a business: The records and accounts that have to be kept Tax and National Insurance Liability faced by owners if a business fails Sources of finance available to owners The way that decisions are madeLO1) Understand why it is important to have the right legal structure and recognisethe sector they fit into.
  • Business Sectors What do we mean by the public and private sector? Can you think of any examples of businesses that fit in these sectors?LO1) Understand why it is important to have the right legal structure and recognisethe sector they fit into.
  • Business Sectors Can you put the correct type of Business ownership in each sector? PUBLIC SECTOR PRIVATE SECTOR PARTNERSHIPS SOLE TRADER PRIVATE LIMITED (LTD) GOVERNMENT PUBLIC LIMITED (PLC)LO1) Understand why it is important to have the right legal structure and recognisethe sector they fit into.
  • What business sector?LO1) Understand why it is important to have the right legal structure and recognisethe sector they fit into.
  • Over to you…. Research and prepare a presentation based on one of the following forms of ownership: Sole Traders Partnerships Private Limited Companies Public Limited Companies Not-For-Profit Businesses Prepare to present back to the rest of the group.LO2) Identity and explain the key features, benefits and drawbacks of various types ofbusiness.
  • What type of ownership? During feedback, summarise key points from your peer presentations. Be prepared to answer questions.LO2) Identity and explain the key features, benefits and drawbacks of various types ofbusiness.
  • Why is the legal structure so important? Choose your perfect home and car…. You own a business and are looking into different types of business ownership….LO2) Identity and explain the key features, benefits and drawbacks of various types ofbusiness.
  • Limited and Unlimited LiabilityUnlimited Liability Limited Liability• The finances of a business are treated • The legal duty to pay debts run up by a as inseparable from the finances of business stay with the business itself. business owners. • Courts can make a firm sell off assets.• Personal assets can be seized by creditors in order to meet outstanding • If insufficient funds then a firm can be depts. forced to close down. –• If insufficient funds raised then the • Regarded as incorporated. owner can be made bankrupt.• Regarded as unincorporated.
  • Finally…..Create a question basedon todays lesson.
  • Re-cap Learning ObjectivesYou should now be able to:1. Understand why it is important to have the right legal structure and recognise the sector they fit into.2. Identity and explain the key features, benefits and drawbacks of various types of business.3. Evaluate the most appropriate business structure for particular situations.