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Type of Business There are different methods of classifying a business and one method is by sector. Businesses have traditionally been split in to two sectors, public and private sector. Public sector This sector comprises government owned or government controlled bodies including: * Public corporations as the Post office * Government departments * Local authorities such as the police and fire dep. Private sector This sector comprises businesses that are directly or indirectly in private ownership. This sector accounts for most businesses operating within the UK. Private sector businesses include: * Sole traders (one person businesses) * Partnerships (groups of people in a business) * Co-operatives (groups of people 'clubbing' together for a specific purpose e.g. A farmers co-operative set up for producing and selling grain) * Franchise operations (where a trader can 'buy' a name and set up a bushiness which is already established and used by other independent operators) * Limited companies (a limited company is a body owned by...

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