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The Business Itself - The type of ownership that my business will have is a partnership.

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The Business Itself The type of ownership that my business will have is a partnership. A partnership is a contract drawn up between a group of people in which a company they have invested within. They would all be joint, equal owners of the business. In an ordinary partnership, the law says that there could be anything from 2-20 partners and all the partners should share equal responsibility towards the business excluding the sleeping partners. A sleeping partner is a partner who whilst owning a share of the business, is hardly or never involved in the day-to-day working of the business. Once joining the partnership, these sleeping partners provide the company with vital money that was needed in setting up the business. In the contract that is drawn up by a solicitor, it is written down that all the partners involved (excluding the sleeping partners) would share out equally all the responsibility involved in the day-to-day running of the business. These would be things like running costs, staff pay, etc. To draw up the partnership contract, they would all have to go to a solicitor to draw up the legal contract, which would set out: * Who the partners are; * How much money each partner has to put in to set up the business; * How the profits are to be ...read more.


The business would not have to be discussed or asked questions about to the public or other businesses Disadvantages of a sole-trader are: * You will have unlimited liability. Unlimited liability is when there is a legal obligation on the owners of a business to pay off their debts. There is no distinction between the assets and debts of a business by law so this could also mean that if the company was greatly in debt and the company was going under, all the debts and assets of a business as well as the personal assets and debts of the owner may also be lost; * Many sole-trader have to work a great deal to maintain their business to be financially secure as a whole so this would mean that long hours may have to be put in and more work will have to be done than expected; * There would be a problem if when starting the business you had insufficient funds so loans would have to be taken out and unlimited liability would come into place; * If the owner of the business was to have an illness then he/she may be forced to shut down the business because they won't be able to run the business no longer. ...read more.


81% of the people working work in the service sector and as they are very highly educated, there is over 4 times the proportion of people with degrees than average. There are also double the normal rates of students that live in the area and car ownership levels are lower than average. The people who do own cars in the area have new cars and company cars. The most important fact I found out was that keeping fit equipment was very high, as this will help me a great deal when doing my market research. Financially, there is double the average of people earning over �40,000 per annum which is also very good for my market research. The most popular newspaper read in the area is The Guardian. This will help me later on when advertising my company. The objectives of my business short-term would be to start the business in partnership, to make a profit and most importantly to survive. Long-term objectives of my business would be to after making a sufficient mount of profit, to convert the company into a franchise and then to invest more money into the business for more branches. Profits would be shared out equally between the partners of the business. Faheem Abdul-Haziz Business Coursework Page ...read more.

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