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business, consist of, which are, which means, which means, which is -…
business
consist of
types of business ownership
sole trader
one owner: keeps profit, bears all risk
has
unlimited liability
A business that does not possess a separate legal identity from its owner. The owner(s) have full liability for the business.
is an
unincorporated business
Shareholders/owners are liable for all the debts of their organisation and stand to lose their investment as well as personal assets if the business goes into debt
partnership
two or more owners sharing profit and responsibility
is
A business that is owned by two or more people, known as the partners. This sort of a business organisation is unincorporated and so the partners have unlimited liability.
limited company
owned by shareholders: has limited liability
is
An incorporated businesses that are a separate legal entity from their owners, owned by its shareholders who own a share of the company (there are private and public limited company)
have a
limited liability
Shareholders/owners are only liable to pay or lose the amount they have invested
cooperative
owned and run by members for mutual benefits
is
A type of business organisation that is owned and managed by people who use its services or who work there.
franchise
is
A form of business organisation that allows a company (franchisee) to buy the right to use an existing company’s (franchisor) brand name and products/service.
uses another company’s name and system by paying for the rights.
social enterprises
is
A business with social objectives and ethical values aimed at benefitting the community.
which produce
income
All the money that comes in to an enterprise.
aims to make profit while helping society or the environment.
business planning process
exploring creative solutions
finding innovative ways to solve the problem
action planning
setting clear goals and steps
implementing the plan
putting actions into practice
monitoring the progress
tracking if goals are achieved
evaluating successes and failures
reviewing results to improve next time
consist of
which are
which means
which means
which is