business ownership I |
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Task 1
Who do you think owns the following businesses?
Who do you think owns the following businesses?
Information
All businesses have owners. This can be anything from a single person who owns and runs their own business, e.g. a window cleaner, to a huge organisation with over a million owners, e.g. Apple. There are many different type of business ownership, each suiting businesses in different situations, and each coming with its own rules in terms of how it must operate.
All businesses have owners. This can be anything from a single person who owns and runs their own business, e.g. a window cleaner, to a huge organisation with over a million owners, e.g. Apple. There are many different type of business ownership, each suiting businesses in different situations, and each coming with its own rules in terms of how it must operate.
Task 2
As an entrepreneur looking to start-up your own business, there are two main options open to you, Sole trader and Partnership. Your teacher will explain the difference between the two and the pros & cons of each form of ownership.
As an entrepreneur looking to start-up your own business, there are two main options open to you, Sole trader and Partnership. Your teacher will explain the difference between the two and the pros & cons of each form of ownership.
Key terms
Liability, means to be legally responsible for something, e.g. a the actions of a business
Unlimited liability, this is where the owners of a business has personal responsibility for the actions of the business, e.g. Sole traders and Partners
Limited liability, this is where owners of a business are only responsible for the businesses debts up to the amount they have invested (i.e. e value of their shares), e.g. shareholders and Limited liability partners
Liability, means to be legally responsible for something, e.g. a the actions of a business
Unlimited liability, this is where the owners of a business has personal responsibility for the actions of the business, e.g. Sole traders and Partners
Limited liability, this is where owners of a business are only responsible for the businesses debts up to the amount they have invested (i.e. e value of their shares), e.g. shareholders and Limited liability partners