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What is the purpose of a Business?
The purpose of the business is to sale things in a good price and
attempt to produce a good profit out of it.
Which by that there will be more other jobs
for people.

The business we have is to carry on with…

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At cost they provide the same cost they paid it for without
making any profit. A group of local people may aim for the
attraction by selling it for cheap to be attracted.

The price charged is less than the cost to supply item. Example
NHS, expensive drugs, bus passes…

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Paperwork is not needed, so it's easy to set up.

Disadvantages of the business are that:
It is unlimited liability which the owner have to pay the losses
from there own pocket.

Responsible for all the taxes.

Partnership is owned and run by you and your partner or
more. Example:…

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Can get money by selling shares

Members liability is limited

Disadvantages of the company are:
The company cannot offer its shares to the general public.

The account of the company is less secrets

A legal paper to deal with before starting the company and more
expensive to set up

Public…

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Micro: Less than £1.6m turnover and 10 employees

Small: £8m turnover and 50 employees

Medium: £40m turnover and 250 employees

Large: £40m turnover and 250 employees

Number of employees and size
organisation
Small 1-99
Medium 100-249
Large 250+


The scale of a business is related to the size of its…

Page 6

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Amar Gurung

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