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Investigation of a local business - Partnerships and Sole Traders

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Introduction

Investigation of a local business Sole Trader: Tourist shop Partnership: Spanish restaurant Franchise: Mc Donald's Introduction Normally when a business starts the business is small. This is because the person who starts it hasn't got a lot of finance. A person who starts alone in the business world is called a sole trader. If there are two or more persons involved, e.g. family or friends, then it is called a partnership. These two types of businesses are unlimited liability, because it's not the business that is liable but the owner. This means that, if the business goes bankrupt, the owner's personal assets can be taken away. Methods of research An investigation was done on a partnership and a sole trader, which are the most common type of businesses around in southern Spain. The investigation was to find out how these owners run and manage the business. Points were taken of how big the company was by the number of employees working. The way the owner brought in the customers in to the business and made them use/buy the service and what kind of a service the owner would give the customer. ...read more.

Middle

This bakery is situated in the middle of a village called Arroyo de la Miel. This bakery isn't that big at all but as soon as I entered it felt very cosy. This is a good point for them because the customer feels at home. This will make the customer return to the same bakery. All the breads were made freshly every morning. As the bakery is new their customer loyalty is still low, however it's getting better. The competition around that area is not that high, however there are bigger bakeries with more selection, but these are very commercial and unfriendly. The couple say being in a partnership is a lot easier because all the work is shared. They also said if there is any problem they can always assist each other. They told me as time goes on they will find another partner who is willing to finance them. They started off by getting a loan and little by little they'll have to pay off. They got the loan at a bank with a good interest rate. This summer I worked at a partnership, it was a family partnership, it was a family partnership. ...read more.

Conclusion

These requirements are: the name of the business has to be registered with the companies House in Cardiff. The finance of the business is not that significant, the owners might have finance of their own or might have asks for a loan from the bank. With a partnership it is a bit more complicated because you need at least two people to operate the business. So the owners share the responsibilities of the business. The maximum of owners the business may have is 20, if it is over this number it will be classed as a different type of business. Having more than two owner's means that each person can specialise in different areas, so the business can do more than two things at a time. One document which the Partnership must have is the deed of partnership. This is a document which states: * The amount of capital contributed to the business. * Which partner will be liable for the debts? * Which partner will be active in the running in the business? * How the profit must be shared. * How long the partnership will last. Partnerships must also register in the companies House in Cardiff. This company will decide if your allow to operate in the world of business. ...read more.

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