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business studies coursework
Member rating: No Rating | Words: 2581 | Submitted: Mon Dec 31 2007
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Business Studies Coursework 2 Legal Structure of the Business When setting up a business a person has to decide on which type of business the organization should take. This decision depends on various factors like how many people are going to own the business, what risks the owner is prepared to make, and weather it will be a limited or unlimited company etc... There are six types of businesses, which an organization can take. These are: 1. Sole proprietor 2. Partnerships 3. Franchise 4. Multinational/Conglomerate 5. Limited Companies - PLC`s 6. - LTD`s 1. Sole proprietor: A sole proprietor is a business owned by a person alone. This person keeps all the profits of the business but has unlimited liability. This means that the owner has to pay for any debts of the business, even if he has to sell his house and other valuable personal possessions. A sole trader is also a tertiary business. The Advantages: * A sole trader...
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