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1.5.4 Forms of business - Coggle Diagram
1.5.4 Forms of business
Sole trader
An individual who owns and runs their owns business. They are unincorporated and registered as self-employees by HMRC
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partnership
Where two or more people start and own business. They share the costs, risks ad responsibility in being in business together
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Franchising
The replication of a successful business formula. It gives the legal rights to sell products of another business by using their names and trading
advantages
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support, advice + training is provided
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Social enterprise
They aim to improve human and environmental well-being rather than making a profit. Is sometimes called a not for profit organisation
advantages
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solutions offered ar innovative, unique, people + environment friendly
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