Sole Trader & Partnership.pptx
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1. A business is an organization that offers goods and services in exchange for money. Businesses have key functions like production, marketing, financing, managing human resources, and research and development. 2. There are three main categories of businesses: sole proprietorships, partnerships, and limited companies. A sole proprietorship is owned and run by one person who has unlimited liability. Partnerships are owned and managed by two or more people who share profits and responsibilities. 3. A partnership agreement jointly shares decision making. Partners have unlimited liability and must share profits. While partnerships have more access to financing than sole proprietorships, they also have to share profits.
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This document discusses different forms of business ownership, including sole proprietorships, partnerships, and corporations. It describes sole proprietorships as businesses owned and run by one person, who takes all profits but also bears all losses and responsibilities alone. Partnerships are owned by two or more individuals who share profits, losses, and management responsibilities according to a partnership agreement. There are general partnerships, limited partnerships, and limited liability partnerships. Corporations are independent legal entities owned by shareholders, who elect directors to manage the company and share profits through dividends but have limited liability for debts.
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This document discusses sole proprietorships as a form of business ownership. A sole proprietorship is a business owned and managed by one individual. It has advantages such as easy start-up and closure, being your own boss with full control, and retaining all profits. However, it also has disadvantages like limited growth potential and benefits as well as risk of business ending if the owner dies, retires, or goes bankrupt. The sole proprietor is typically an active manager working in the business and responsible for its success or failure.
Forms of business activity
The document discusses the main forms of business organization in the private sector, including sole proprietorships, partnerships, private limited companies, public limited companies, cooperatives, joint ventures, and franchises. It provides details on the key characteristics of each form as well as the main advantages and disadvantages.
Business ownership(1)
This document discusses different types of business ownership structures including sole traders, partnerships, private limited companies (Ltd), public limited companies (Plc), and co-operatives. It provides details on sole traders, including that a sole trader is an individual who owns and runs their own business and has unlimited liability for any debts. It also discusses partnerships, noting that partnerships involve 2-20 people running the business where each partner is responsible for debts and shares in profits. The document outlines private limited companies, explaining they have limited liability for shareholders and must register with Companies House.
Ch 06
There are three main forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned by one person and have unlimited liability but are easy to start. Partnerships are owned by multiple people who share risks, rewards, and unlimited liability. Corporations are owned by shareholders, have limited liability, but more legal requirements. Other options include franchises, cooperatives, and nonprofits. Businesses can also be classified by their activities such as producers, processors, manufacturers, distributors, wholesalers, retailers, and service providers.
Ch 06
There are three main forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned by one person and have unlimited liability but are easy to start. Partnerships are owned by multiple people who share risks and rewards but also have unlimited liability. Corporations are owned by shareholders, have limited liability, but are more complex to start and regulate. Other forms include franchises, cooperatives, and nonprofits. Businesses can also be classified by their activities such as producers, processors, manufacturers, distributors, and service providers.
legal forms of ownership
this is a presentation on the legal forms of ownership, which discusses the characteristics, advantages and disadvantages of each form of ownership
Unit 4 Business Ownership & Operations Notes
The document discusses different types of businesses and their functions. It identifies five types of businesses: producers, processors, manufacturers, intermediaries/wholesalers, and retailers/service businesses. It also outlines five key business functions: production and procurement, marketing, management, finance, and accounting. An example is given of how the different functional areas can both depend on and conflict with each other as businesses work to meet their goals.
Forms of business
This document provides an overview of different forms of business organizations under Indian law. It discusses private enterprises such as sole proprietorships, partnerships, joint stock companies, and Hindu Undivided Families. It then covers cooperatives and their definition and types. Finally, it examines public sector enterprises and types of public sector organizations. The document includes details on the characteristics, advantages, and disadvantages of each form of business organization. It provides a comprehensive yet concise introduction to the legal aspects and types of businesses in India.
BASIC OF BUSINESS - LECTURE 2.pptx
The document discusses different forms of business ownership including sole proprietorships, partnerships, and corporations. A sole proprietorship is owned by one person and makes up the majority of businesses. Partnerships are owned by two or more people and make up about 10% of businesses. Corporations are legally separate entities from their owners and provide limited liability. The key factors to consider when choosing an ownership structure are control, liability, taxes, costs, financing needs, and ability to survive the loss of an owner.
The Legal Forms Of Business
This document discusses different forms of business organization including sole traders, partnerships, limited companies, cooperatives, franchising, multinational companies, and public sector organizations. It provides definitions and outlines advantages and disadvantages of each form. Key factors that influence the choice of legal form are the number of owners, tax implications, ability to take on risk, and privacy requirements.
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Sole Trader & Partnership.pptx
- 1. Here is where y presentation be Business Organizations Sub-Strand: Types of Organisations Strand: 4
- 2. Indicators 1. Define Business 2. Explain the functions of business 3. Explain a sole trader business, its features, advantages and disadvantages 4. Explain how the sole trader improves his business 5. Define Partnership and the features , advantages and disadvantages
- 3. Why do we need businesses? A business can be defined as an organization that offers goods and services in exchange, usually for money.
- 4. • Production • Marketing • Financing • Managing Human Resources • Research & Development
- 5. Three Categories of Businesses 01 Sole Proprietorship 02 Partnership 03 Limited Companies
- 7. Features Owned and operated by a single person Personally liable for any losses Ideal form of business who wants to start their own businesses
- 8. Advantages Convenient to set up as there are less legal formalities More control over the business Can enjoy all of the businesses profits Difficult to raise funds to expand the business Owner has unlimited liability for the debts of the business and risks losing personal wealth to pay for these Lack of continuity Disadvantages
- 9. How can a sole trader improve his business? • Conduct Promotional activities .. How? • Outsource some of the business functions • Employ another staff to lighten the workload
- 10. Partnerships
- 11. Owned and managed by two or more people. Sharing profits and responsibilities Have a partnrship agreement Mos popular among with professions such as Doctors, Lawyers and accountants. 02 2 Partnerships
- 12. Features Formation Partnership Agreement Decision Making Jointly shared Profit & Loss Shared Liability Unlimited Liability / shared Continuity Lack of continuity A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities
- 13. Decision making is shared leading to better ideas More access to finance compared to sole traders Day to day running of the business is shared Advantages Disadvantages Have unlimited liability Have to share profits
- 14. Types of Business Organization – Exercise1 1. List three functions of a business. 2. What benefits can you enjoy by opening a small outlet as a sole trader? 3. What is unlimited liability?
- 16. 1. Management Involvement ? 2. Do they bring Capital ? 3. Share of profit and loss ? 4. What kind of liability ? Some features to focus on different Partnerships
- 17. These partners operate the day-to-day activities of the business on behalf of other partners. These partners are not actively involved in the operations of the business But they also contribute to the capital and share losses and the profit Active Partners Sleeping or Dormant Partners Can you recall some of the daily functions of a business?
- 18. Allows his or her name to be used in the business Makes no contribution in terms of capital and management No share in profits or losses Unlimited Liability Nominal Partner
- 19. Similar to active partner , involved in day to day running of the business and shares the profit and losses But these partners are not known to the general public Secret Partner
- 20. The phrase refers to a person who is not technically a partner but can still be held liable as one for any debts or damages incurred by a business or owed to a third party. Will not manage the daily activities No capital Contribution Not sharing Profit and Loss Unlimited Liability Partner by Estoppel
- 21. 1. Define Partnership. 2. Explain the difference between active and secret Partnership. 3. If you are going to start a Partnership, what kind of business would you start and what challenges would you face ? Exercise 2 - Partnership