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Discuss the types of business entities that exist. Discuss the advantages and disadvantages of each.

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Introduction

Assignment B Part A: Discuss the types of business entities that exist. Discuss the advantages and disadvantages of each. For this part of the assignment I will be looking at four different types of business entities. The four types of these business organisations are: a) Sole trader b) Partnership c) Limited liability or (joint stock) company d) Unincorporated associations. Sole Trader businesses In this form of business organisation one person provides all the permanent finances and, in return, retains full control of their business and enjoys all the profits made by the business. The sole proprietor is likely or will eventually employ others as wage earners, but the distinctive feature is that there is a single owner of the business. There are no legal formalities involved in setting up in business as a sole trader. However, under the business names act 1985 the owner must confirm the three basic requirements: a) The name of the owner must be displayed on all business documents; b) The owner must disclose information relating to ownership to anyone who has dealings with the business; c) A notice concerning ownership must be displayed in the business premises. Apart from these three there are no other legal requirements when establishing a sole trader business. The trader is required to submit accounts to the Inland Revenue expenditure taxes. The sole trader enjoys distinct advantages: * Small start up costs. It is simple an inexpensive to set up as a sole proprietor. * Freedom and flexibility. The small business is very flexible. If one kind of activity is not profitable, the owner can quickly switch to something else. ...read more.

Middle

Advantages; * Liability is limited * Companies are entities in themselves by law * Company can raise more capital through shares or loans. Disadvantages: * Members who own company may not run the company * No privacy * Must publish annual reports & accounts Part B: An 18-month-old child is going to live with you for two weeks during your holidays. The child is mobile (walking). Undertake a risk assessment of your kitchen where you live. Identify risks and band them in order of risk. For each risk, explain the counter measures you must take to eliminate the risk to the child. Anyone who is responsible for a child's safety including parents, grandparents, babysitters and older siblings, must have a basic understanding of the fire, burn and chemical risks in the kitchen. Below is a table to show the risk assessments and its control measures together with the band of the risk; 1 being the worst and 3 being the least. No:- Risks for an 18 month child Risk Band:- Control measures to eliminate risk: 1 Cups, glasses and bottles. If left around on the edges of tables it may fall and smash on the ground and could lead to cuts and bruises on the child. 1 Keep all glasses away from edges and out of the child's reach. Avoid using glasses. When buying, try to get plastic bottles and cups, which are not dangerous at all. 2 A drink heated to 140 degrees F. can cause a burn in 5 seconds. At 160 degrees F, a burn will occur in 1 second. ...read more.

Conclusion

Oven doors are normally shut tight. Keep child away when cooking. 17 The child's finger may get caught in the kitchen door. 2 Install a doorstop or bracket to hold the door open to avoid such accidents. 18 The child may play with the washing machine buttons. Not really a risk but he or she can also open the washing machine and a result of falling inside. 3 Install a cabinet around the washing machine so only you can operate it when needed and lock the cabinet at all times. A few other counter measures that can be taken:- * Oven mitts or potholders should be used to remove pots and pans from the stove, just to avoid scalding the child. Keep pot handles turned in so the pots cannot be pulled off or knocked off the stove. * Cookies and other foods should be stored away from the stove area so no one will be tempted to reach across a hot burner. Store potholders, paper towels, seasonings and other cooking items at a safe distance from the stove because a curious child may reach across to grab an item. * Establish a "SAFE AREA" in the kitchen where a child can be placed - away from risk, but under continuous supervision. Also, consider establishing a "NO ZONE" directly in front of the stove. The child can be taught to avoid this area. Mark the zone with yellow tape, a piece of bright carpet or other material. * Use a fill-through-the-spout teapot to reduce the risk of hot water-associated scald burns. The central handle, the single, small opening, and a "spout whistle" are all safety features. BSc Computing CF102 Assignment B - Science and Technology Based Organisations Page 1 of 6 ...read more.

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