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tyoes of ownership

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Introduction

Types of ownership Business Definition Advantages Disadvantages Sole Trader One person owns and runs the business. * Decisions are made quicker * Profits do not have to be shared. * Business affairs can be kept as a secret. * Finances can't be easily to raise * Unlimited liability * Illness/holidays can effect the business Partnership A business owned by 2-20 people. * Can be formed easily * Business affairs are private * New skills and ideas can be introduced * Partnership have unlimited liability * Disputes can take place between the partners. * Expansion is difficult. Franchise A business where the new comer buys permission or to copy the business ideas of the established company. ...read more.

Middle

* Members may disagree * Not everyone may have the same commitment to the business. * The comity that controls the co-operative may lack business skills. Business Definition Advantages Disadvantages Private Limited Company (LTD) It is company owned by a minimum of two members. Each of the members is a shareholder. Shares can be sold privately but cannot be sold on the stock market. * Addition of capital can be easily raised by selling more shares * Shares can be sold and bought * Company can continue to trade if one of members dies * Professional help will be needed to set up a private limited company. * There are limited opportunities fro economies of scale. Public Limited Company (PLC) ...read more.

Conclusion

* Public limited companies can be seen as remote from their customer. I have chosen my company to be a sole trader because they are easy and cheap to set up, I can keep all the profits to myself, set my own prices, make my own working times. Partnership would not be an ideal choice because it is hard to get an appropriate business partner. Franchise could be possible however it is very expensive to set up a franchise. I cannot have a co-operative because I will be the only worker. My business is not going to be a public or private limited company because the business would have to be fairly established and my business is not established. ...read more.

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Here's what a star student thought of this essay

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Response to the question

In summary, the report is quite poor. The report lists the definition, advantages and disadvantages within a table of the different business set-up's. However the table doesn't give much in-depth understanding and this is shown within the report. A 'Sole ...

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Response to the question

In summary, the report is quite poor. The report lists the definition, advantages and disadvantages within a table of the different business set-up's. However the table doesn't give much in-depth understanding and this is shown within the report. A 'Sole Trader' is owned by one person, however the business can be managed by a number of people. The student states that only one person manges the business, and this is in-correct. The above would needed to be implemented to gain high marks.

Level of analysis

Though-out the report, the student hasn't given any justification to there understanding. For example the student could state 'Finances aren't raised easily, as there is only one person, and this is an issue. The capital the person can input may be small and additional funds (such as bank loans) may be difficult to acquire due to the bank may not have confidence within the business at this stage'. In addition, the last paragraph regrading the reason to choosing an Sole Trader option is quite weak. The report should state that the person isn't going to generate large profits, thus an sole trader would be the most effective business set-up.

Quality of writing

The presentation of the report is quite poor. I would personally advise creating a number of sub-headings and explaining the definition, advantages and disadvantages in three different paragraphs. This allows the student to explain in more detail, as currently this method doesn't allow the examiner to read in-depth understanding.


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Reviewed by danielbeal 19/03/2012

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