1. PAROLE CHIAVE
ORGANISATION= is a planned, coordinated and purposeful
action of people to construct a common goal or product
SOLE TRADER= is a business that is owned by one person
advantages : total control of business, all the profit belongs
to the sole trader, there is no hierarchy or
bureaucracy involved
disadvantages: unlimited liability, can be difficult to raise
finance, can be difficult to enjoy economy of
scale
PARTNERSHIPS= is a business organisation in which two or
more individuals manage and operate the business
advantages: can fall back on financial resources of more people,
most partnerships have skills and abilities not available
to sole traders.
disadvantages: unlimited liability, the partnerships cannot
agree on objectives and so on, requires a more
complex structure
LIMITED COMPANIES= has a distinct legal personality, it can be
a privately-owned company , a public limited
company or a company limited by guarantee
advantages: limited liability of shareholders, many sources
of capital, more competitive prices
disadvantages: complex management issues, adapting to changes
can be the greatest threat