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Business structure - Coggle Diagram
Business structure
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Economic sectors
Secondary sector
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Ex: construction worker, manufacturing technician, chef
Tertiary sector
Ex: transport, storage, banking
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Primary sector
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Ex: fishermen, miner, sheep shearer
Quaternary sector
A sector with services based on research, information and technology
Ex: computing services, media, consulting
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Sole traders
Unlimited liability is that when debts can't be payed back by the business the owner is fully liable to pay it back with his or her personal belongings
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Limited companies
Definitions
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Share - One of the equal parts into which a company's capital is divided, entitling the holder to a proportion of the profits.
Limited liability - when debt go a business cannot be payed back, owners can only lose the amount that they invested
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Private limited
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Disadvantages
End-of-year accounts must be sent to the government office responsible for companies, and are available for public inspection
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Franchises
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Definitions
Frranchise - the right or license granted to an individual or group to market a company's goods or services in a particular territory
Franchiser - an individual or company that sells or grants a franchise for the sale of goods or the operation of a service
Franchisee - an individual or company that holds a franchise for the sale of goods or the operation of a service
Joint ventures
When two businesses decide to work on a project/enterprise together but still remain separate (their own companies still stand)
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Social enterprise
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Definition - businesses whose primary purpose is addressing a social or environmental challenge rather than creating profit for owners or shareholders