Business

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  • BUSINESS REVISION
    • Sole trader is an owner of a business that is entitled to keep all profits.
      • Choose own hours.
      • No support and cover for holidays time off etc...
    • Income Tax is tax on income, people who pay it are, workers on their wages.
      • Corporation Tax is a tax that limited companies pay on their profits.
      • VAT, Tax on spending.
    • Merging > A business joins forces with another business in the same industry (Horiz) and different industry (Vert)
      • Gains expertise and support.
      • Share profit.
    • Internal Expansion > Business  e.g. new outlet or increase in factory.
      • Financial risk.
      • Potential for making extra revenue.
    • Takeover.
      • Upset employees and customers
      • Keep all profit.
    • Partnership, 2-20 people working together in the organisation.
      • Plenty of cover if ill.
      • All profits have to be shared.
    • PLC
      • Expensive to set up.
      • Limited liability
    • LTD (Private)
      • Public can see financial accounts.
      • Limited liability.
    • Horizontal Intrgration, Joins forces with another company I the same industry.
    • Vetical integration > Joins forces with another company in a different industry.

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