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Different types of business.

Extracts from this document...

Introduction

Sole Trader is an individual who has set up the business; this does not mean there is only one worker. They can employ as many people, it depends if the owner can afford to employ more. They may use their personal savings as capital to start their business, as it is the easy way to start. A Sole Trader has Unlimited Liability; the owner's personal would be at risk if their business failed to pay their current income. They are personally responsible for all debts of the business. Example of a Sole Trader-TSE'S Chinese and Vietnamese Restaurant 27 Turnpike Lane N8 OPE This work place is a Sole trader and it has only one owner, they raise money by selling goods, such as food and drinks. The advantages of this business is that it is easy to set up, the owner keep all the profits, no legal form to be fill out, and the owner had the complete control of the business. Disadvantages for this business is that they have Unlimited Liability, they may work longer hours for their personal benefit. Lose customers if not operating the business properly A Partnership is a business that combined with two or more People who work together as a team. ...read more.

Middle

They Raise money by Selling products, service to shareholders Before setting up MC Donald, Licence is needed to sell the rights of its products. Advantages for Franchise is that they have good advice and support by the franchiser's research. Expanded easily as more products have been sold. A Disadvantage for Franchise is that they have less independent. They are never on their own. Licence must be provided. And the rule must be follow, as they have to do the same ting as other Mc Donald does Name of Company Types of Business Location/ Address 1 Ace Quality Dry cleaner Sole Trader 39 West Green London N15 2 West Green Butcher Sole Trader 83 West Green London N15 3 Hibisous Sole Trader 93 West Green London N15 4 Grease Sole Trader 74 West Green London N15 5 Chicken Shop Partnership 51 West Green London N15 6 TSE'S Sole Trader 27 Turnpike Lane London N8 7 Inter & Video Photo Sole Trader 89 West Green Road, Tottenham N15 5PA 8 Salam Halal Sole Trader 25 Turnpike Lane London N8 9 Nail for you Sole Trader 9 Crosstreet, Hampshire 10 Preston Garden Sole Trader 24 Preston Garden BNM 11 Pilot Sole trader 37 Shopping city wood green London 12 Top Shop Sole Trader 30/40 Shopping City wood green London 13 Top man Public Limited ...read more.

Conclusion

There are now a large number of shareholders and a board of directors controls the company. The reason why I put Mark and Spencer on this page is because I think it's better if I talk about the assignment first and then going into talking about the history of Mark and Spencer of how their business start. A table showing the four stages in the growth of Marks & Spencer Type of business Ownership Control One-person business (sole trader) Michael Marks Michael Marks Partnership Michael Marks and Tom Spencer Michael Marks and Tom Spencer Private Limited Company Marks and Spencer and other shareholders Michael Marks and other executive directors Public Limited Company Shareholders Directors, including the Sieff family During this assignment I have done some research about different types of business. I have looked through texts book and Internet, which I found is helpful. A lot of business books have different meaning, so I think it's a good idea that I go to the library and look for all type of business books. I have produced table of what source I have used in my research. Name of Books Author Business Studies Ian Chamber, Dave Gary Foundation GNVQ Business Waters JE EVAN. Pitman E2 Mayer GCSE Publisher-Heinemann Education Business GNVQ Kath Richmond, Phil Garner and Samantha Ryan Mc Donald Corporate-Franchising Www.mcdonald.com Study Collin-Study Business Revision GCSE KEY STAGE 4 Renee Huggett A STUDY OF BUSIINESS.DOC A study of Business 2 ...read more.

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