- Sectors of the economy
- To give services to the public, to prevent crime, to provide a quality service to the community. finance- government/ tax payers/ us
- Third sector
- To provide service with these in need, to raise funds, to help. run generally by volunteers/ board of trustees. finance- donations/ grants
- Franchise- + good reputation, franchise promotes bus, training/uniform will be provided - less freedom to make own decisions, fee must be paid, royalties.
- Social enterprise- one that exists spec. for social/ environmental purposes. It takes the profits it makes and reinvests them.
- partnership- business owned by 2-20 people + more money to
start up, financial protection, easy to expand, more opinions/knowledge -
higher tax, profits shared, unlimited liability, disagreements
- Deed of partnership settles the possible disgreements- good or service, what business you are going to run, capital, duties, profits and losses, disputes.
- sole trader- business owned and controlled by one person. +all profits kept, owner makes decisions, own hours, personal service, easy to set up - unlimited liability, struggle to raise enough finance, no one to share decisions, work may stop if owner is ill/ on holiday
- aim- to make profit/ maximize profit, to provide a quality service, to grow. finance- bank loans, debentures, selling goods and services, capital from owner, borrowing
- Private limited companies- Those who have limited liability
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