Different Types Of Business Part 1   T1
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Different Types Of Business Part 1 T1

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Different Types Of Business Part 1   T1 Different Types Of Business Part 1 T1 Presentation Transcript

  • Different Types of Business Types of Businesses Sole Traders Partnerships Privates Limited Company LTD (next lesson) Public Limited Company PLC (next lesson) Franchises Multinational Companies (Next Lesson)
  • Sole Traders
    • Its very easy to set up as a sole trader.
    • Sole Traders contribute to 90% of the British Economy.
    • High Risk is involved in owning a sole trader business you are liable for the business.
    • A sole trader is owned by and controlled by one person. 
  • Sole Traders : Personal Qualities
    • You will need certain qualities to succeed as a sole proprietor. Some of the most important are:
    Persistence Enthusiasm Ability to work hard Willingness to take risks Organisational Skills Tolerance and Patience
  • Sole Traders
    • A Sole Trader has to make all the decisions about the business.
    • Sole Trader has to use their own money or borrow money from friends or banks.
    • The princes trust and the government give start up grants to young people setting up a business.
    • Sole Traders have unlimited liability.
  • Partnerships
    • Partnerships are owned by at least 2 partners 
    • You can have up to……..  20 people as partners.
    • Sleeping partners take no active role / part in the business.
    • Responsibility is shared and different people bring in expertise.
    • Partners also have unlimited liability.
  • Partnerships
    • Most Partnerships write a Deed of Partnerships – a set of rules to follow if trust between the partners break down.
    • The deed covers the sharing of profits and losses, the financial contribution of each partner, their responsibilities, and how to add more partners.
    • 1980 Partnership Act means that without a deed the partners will share all losses and all profits equally.
  • Franchises
    • A Franchise is an agreement by which a company (the franchiser) allows a smaller firm (the franchisee) to trade goods or services under its brand name.
    • They have better chance of establishing new businesses than sole trader.