Forms of business ownership 0.0 / 5 ? Business StudiesOwnership and controlGCSEAQA Created by: lisha1Created on: 19-03-17 11:43 Whats a sole trader? A sole trader is a singular person who owns a business. 1 of 13 Whats a partnership? A partnership is a business owned by two or more people. 2 of 13 Whats a limited company? A limited company is a business owned by shareholders. 3 of 13 What is franchising? Franchising is where people can buy into an existing business for the right to use that businesses ideas or products. 4 of 13 What are the advantages of being a sole trader? 1. can make all the decisions 2. Easy to set up 3. reduced start up costs 5 of 13 What are the disadvantages of being a sole trader? 1. Unlimited liability 2. they have complete responibility 6 of 13 What are the advantages of a partnership? 1. someone to consult on business ideas 2. more investment 7 of 13 What are the disadvantages of a partnership? 1. unlimited liability 2. disputes about business decisions 8 of 13 What are the advantages of being a limited company? 1. limited liability 2. more funding 9 of 13 What are the disadvantages of being a limited company? 1. the more people involved in the business the more disputes can happen 10 of 13 What are the advantages of being a franchise? 1. using a well known and good business that's already been made 2. you dont need to know how to run the business as you are provided with training 11 of 13 What are disadvantages of being a franchise? 1. you are told how to run the business 2. bad performances of other franchises can disrupt your franchises reputation 12 of 13 Who is involved in the franchise and what do they do? Franchisee= the person paying for a part of the businesses ideas/products Franchisor= the company letting people buy franchises of the business 13 of 13
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