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
    • Private sector
      • is operated by individual people or groups of people
        • private sector business
      • financed by private individuals
        • aims to make a product
    • 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
    • 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


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