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Businesses at work introductory - Sole trader

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Businesses at work introductory Sole trader Sole trader is a person who sets up a business by themselves. As a Sole trader the owner himself is responsible for every action made and also keeps all of the profit. 2 examples of a Sole trader is a off license and a newsagents. Both of these are similar businesses because the way both of these work but the newsagents have to get up in the morning earlier to get the newspapers and deliver them to the customers who want to read the newspaper. Whereas the off license doesn't need to. ADVANTAGES OF THE SOLE TRADER * The business is to set up. Apart from any necessary licences or planning permission, there are very few legal formalities. * Although accounts are seen by the inland revenue, they do not have to made by public. * The business is usually small, and the owner is in charge of the management. ...read more.


ADVANTAGES OF A PARTNERSHIP * Small partnership can provide personal service. * Compare to a sole trader there are more people to put money into the business, DISADVANTAGES * Usually too small for a large scale production, although there are expectations to this. Private limited company A private limited company require minimum of seven promoters and must file a memorandum of association, convene a statutory meeting, register the company, and obtain a company income tax identity card. They must also follow accounting procedures specified in the Civil and Commercial code, the Revenue Code and the Accounts Act. A balance sheet must be prepared once a year and filed with the Department of Revenue and Commercial Registration. In addition, companies are required to withhold income tax from the salary of all regular employees. Two examples of Ltd Company are Reebok and Levi's. Both of these companies are Clothes Company. Reebok has variety of clothing from tops to trainers and shoes whereas Levi's only have tops to jeans. ...read more.


Two examples of an co-operatives are Oxfam and Children in Need. Both of these are voluntary work which people take to help the poor. Oxfam focuses on all the age groups and try to help them whereas Children in Need only apply to children. Not for profit but for a charity This is where the people work and some employees may get paid whereas they may be doing this for voluntary. Here the organisation goal is to underpin to raise money for charity and don't make profit. Two examples of this are Oxfam and Children in Need. Either of these may be voluntary or paid work but help people who need it most. Oxfam focus's on all the age group whereas the Children in Need only focus on children. Franchise Franchise is relatively are a new form of a business and have grown enormously in Britain past few years. Franchise is a small business but has the comfort and security of a large business. The aim of a franchise is to run the business on their own yet have the security and expertise of large, national, international organisation behind them. ...read more.

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