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Types of business organizations - Coggle Diagram
Types of business organizations
Unincorporated business
Are not legally registered companies
Sole traders
individuals who own thir own buisness
Partnership
Are a small organizations (partners) that own a business
The deep of partnership
is a legally binding document, drwan up by partners and all the agreements are there.
Incorporated business
Business that have a legal identity to their owners
Private limited company
the ownership of the business is kept private
Issue their shares to private investors
Public limited company
issue their shares to the general public
anyone can become a sharholder
Franchise
arrangement between a public limited company and a private limited company
Franchisee
the new business
Franchisor
the existing business
Joint venture
Formal agreement between 2 organisations to create and run a jointly owned project
Risks are shared by both organisations
the profit is split between the 2 rganisations
Public sector organisation
organisations owned and run by the govermet
ex: schools, hospitals, fire and police stations.