business owenership
- Created by: owenaoife
- Created on: 26-11-20 19:28
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- Business Ownership
- entrepreneurs usually start a business
- they have an idea for a product or service
- they wish to be independent
- they wish to provide a service for the community
- they want to make money to keep the profits for themselves
- they need the buzz and sense of satisfaction which a business venture provides
- how to start a business
- decide on product
- advertise the product
- create a brand for your business
- what materials are needed
- design a business plan
- research the market at and the advantages
- the target audience
- organise finance
- what are the profits
- production cost
- decide on product
- Private sector
- is operated by individual people or groups of people
- private sector business
- financed by private individuals
- aims to make a product
- is operated by individual people or groups of people
- liability
- a liability is something a person or a company owes, usually a sum of money
- personal assets- are things of present of future value owned by an individual or house hold
- limited liability- the condition by which shareholders are legally responsible for the debts of a company only to the extent of the normal value of their shares
- PLC
- LTD
- franchise
- unlimited liability- means that the business owners are personally liable for the loss the business makes
- business than personal
- sole trader
- partnership
- a liability is something a person or a company owes, usually a sum of money
- key terms
- public limited company(plc)
- the shares of these companies can be brought and sold to the public on the stock exchange - must have £50,000of share capital
- franchise
- business which uses the name and products of s previously set and successful business for a premium - must adhere to the rules
- sole trader
- it is just owned by just one person who runs the business but who may employ others to help
- private limited company (ltd)
- family run business which shares can only be transferred privately and all shareholders must agree on the transfer of these hares
- partnership
- relationship which subsists between persons carrying on business with a common view to profit. between 2 and 20 partners who share the work and the profits
- public limited company(plc)
- entrepreneurs usually start a business
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