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OCR Nationals Award Business Studies - Task 1

Extracts from this document...

Introduction

Map of the old pond and the shops present 1 Trading Name of Business Name of person/group of people who actually own the business Trading Activity Sector of the Economy Type of Business Limited or Unlimited liability Tesco (Metro) Jack Cohen Mainly groceries but other items can also be sold Tertiary/ Secondary Private limited company Unlimited liability Grundy Park Broxbourne Council Giving the service of letting customers participate in sport activities Tertiary Public limited company Limited liability Barkley's Bank Robert Diamond Exchanging money Tertiary Public limited company Limited liability Pizza Hut Frank and Dan Carney Delivering and making pizzas Secondary / Tertiary Private limited company Unlimited liability HSBC Thomas Sutherland Exchanging money and creating accounts for customers Tertiary Public limited Company Limited liability Nokia Repair Centre Fredrick Idestam Selling electronic goods or repairing them Tertiary Public Limited company Limited Liability Wimpy J. Lyons Selling Fast-Food to customers Tertiary Private Limited Company Limited Liability Simmons (Bakery) Ltd Simon Day This bakery sells variety of different snacks. Tertiary/ Secondary Private Limited company Unlimited Liability Henry Tilly Ltd Henry Tilly Selling sports facilities Tertiary Private Limited company Unlimited Liability A sole trader is one individual who owns and runs a business. The main benefit is that all the profits go to them and that they can make all the decisions themselves on how they are going to run their business. The main problem that they have is unlimited liability, having to pay the dept by selling their personal possessions. Examples of different sole traders are: Decorators, beauticians, grocers and butchers, market traders and internet entrepreneurs. One of the well known jobs of a sole trader is a grocer or a butcher they sell products of vegetable and meat which people in the public would want the most, therefore their businesses should go well. ...read more.

Middle

* There would be more benefit because the company would be able to gain extra capital by selling some parts of the company. * The most important advantage of all of these companies is the fact that the business has limited liability, if any problems occur and money is lost, shareholders only lose the amount they had invested rather than selling their own personal objects. Whereas for a partnership, the partners are each liable for their share of debt. * People would want to invest their money in business because there is low risk of them losing their possessions. * If one of the partners die or leave the business then there would be no effect on the business because there are other partners as well. 6 A Private Limited Company is a registered company that has limited liability, meaning that the shareholders only lose the amount they invested and not their own personal possessions. The amount of shareholders it can hold is from two to fifty people. Shares cannot be transferred without the agreement of other members and shares cannot be sold in the public or on the stock exchange. They have a legal entity meaning that they can be sent to court if they do something wrong. Examples of Private Limited Companies are: * Tesco Ltd * Pizza Hut Ltd * Apple corporation * Nokia mobile The Advantages: > There is limited liability so the only money that is lost is the money invested. > Private limited companies need to give less money, they have lower tax rate, and the taxes are only given depending on how much profit they have. ...read more.

Conclusion

The people who use the business also own it, they provide all the goods and services they need themselves. The members of the business invest in their own money to make it successful. It sounds similar to other businesses, but actually the money they are making is being used for their own individual purpose. Examples of a Co-operative > Co-operative taxi business > Book Shops > Dairy farming > IT Companies Advantages of Co-operative > They can not only benefit themselves but others who need jobs in local areas. That way they get more ideas and support for the business. > The management of the shares owned by the members can be made easier if more people join. > The help and support of all members can hopefully make the business a success. 10 Disadvantages of Co-operative > There may be conflict between members, ideas and decisions do not always meet. > On a regular basis members have to meet each other to make decisions otherwise there is a risk of no success, there needs to be an agreement between all the members. > To reach the business aims there is complex management needed, aims are hard to achieve in all business and here there are individuals. > A record is necessary to record their decisions and what each member are assigned to do. Co-operative is mainly for the people who are willing to take a challenge and understand how to work together with others and make their business a success. Working together can sometimes be difficult because others may disagree with the ideas made along with other businesses such as partnership. The best business a person might choose is to become a franchise. 11 ?? ?? ?? ?? Oishee Islam St Mary's High School 17225 Unit 1: Investigating Business ...read more.

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