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Business Chart

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Introduction

Types of Organization Level of Control of Owner Define Main Features Advantages Disadvantages Sole Trader or Proprietorship � full control � controls everything in the company � make own decision � little capital � unincorporated (owner is legally the same as the business) � easy to operate � faster decision making � avoid double taxation � being your boss � privacy � taking drawings instead of wages � smaller and easy to set up � hands on approach � personalized service � limited financing � unlimited liability � business assets and personal assets are at risks � lack of knowledge in specific area � lack of continuity � high cost of production Partnership � owned by two or more people � deed of partnership � responsibility are shared equally � owned by two ...read more.

Middle

of the partners � No continuity and partnership will have to reform in event of death Public Limited Corporation � Someone can just "buy" the company from you. � Offers their shares to the general public. � Multiple owners and ownership may easily change. � Are in a private sector � Shareholders have limited liability � Allowed to sell share � Board of directors can vary from number so that they will allow discussion amongst the board of director on how to run the company � Delusion of control � Decisions take longer. � Profit is shared by a large body of people � Public disclosure of the financial affairs is necessary � must give out financial information to public Private Limited Company � medium � corporation limited by shares (guaranteed by its members who agree to pay) ...read more.

Conclusion

� Protection for company name � New shareholders and investors can be easily introduced � Better pension schemes � limited companies are subjected to corporation tax on their profits � limited company directors have more legal final and administrative responsibilities � information concerning the company is made public � cost lost of money to create � Shareholders in a PLC are not able to sell or transfer their shares to the general public Franchising � N/A � Buy off a company's logo to sell their products for profit � Get permission to sell their brand's product � Don't need to advertise it out � training and advertising are provided by the franchiser � � restriction and less flexibility in the store/ company � not much decision making ...read more.

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