walkers
TASK 1
(A). SOLE TRADER : Is a business which is owned and manages by one individual, who is self-employed and in some case employ other people on either a full time or part time basis. EDEXCEL HNC/HND BUSINESS (2009). A sole trader normally use his own personal funds/capital to start the business and he decided on types of goods or services to produce, the location, what capital or funds is required etc examples of sole traders are self employed plumbers, news agents, local shop{grocers} etc
PARTNERSHIP; is an agreement between two or more peoples to engage in a business in common with a view to profit. BPP CORE UNIT 2 BUSINESS (2009).
In essence, a partnership comes into being when two or more people establish a business which they own, finance and run jointly for personal gain, irrespective of the degree of formality involved in the relationship. EDEXCEL HNC/HND BUSINESS (2009). Partnership does not have its own distinct legal personality and hence the owners, partners have unlimited personal liability both jointly and severally unless by dint of limited partnership Act 1907, a partner or partners has limited liability. Examples of partnership is solicitors like Mo and Co Solicitors,
LIMITED LIABILITY COMPANY; is a business organisation consisting of two or more individuals who have agreed to embark on a business venture and who have decided to seek corporate status rather than partnership. Individuals seeking to form a company are required to file numerous documents including MEMORANDON OF ASSOCIATION, with the registrar of companies if satisfied the registrar will issue a certificated of incorporation bringing the company into legal entity. E.g. Tesco, Waitrose etc EDEXCEL HNC/HND BUSINESS (2009).
AIM AND OBJECTIVES;
The aim and objectives of most businesses is for profit marking except otherwise state like government organisation and charities. It also is
(A). SOLE TRADER : Is a business which is owned and manages by one individual, who is self-employed and in some case employ other people on either a full time or part time basis. EDEXCEL HNC/HND BUSINESS (2009). A sole trader normally use his own personal funds/capital to start the business and he decided on types of goods or services to produce, the location, what capital or funds is required etc examples of sole traders are self employed plumbers, news agents, local shop{grocers} etc
PARTNERSHIP; is an agreement between two or more peoples to engage in a business in common with a view to profit. BPP CORE UNIT 2 BUSINESS (2009).
In essence, a partnership comes into being when two or more people establish a business which they own, finance and run jointly for personal gain, irrespective of the degree of formality involved in the relationship. EDEXCEL HNC/HND BUSINESS (2009). Partnership does not have its own distinct legal personality and hence the owners, partners have unlimited personal liability both jointly and severally unless by dint of limited partnership Act 1907, a partner or partners has limited liability. Examples of partnership is solicitors like Mo and Co Solicitors,
LIMITED LIABILITY COMPANY; is a business organisation consisting of two or more individuals who have agreed to embark on a business venture and who have decided to seek corporate status rather than partnership. Individuals seeking to form a company are required to file numerous documents including MEMORANDON OF ASSOCIATION, with the registrar of companies if satisfied the registrar will issue a certificated of incorporation bringing the company into legal entity. E.g. Tesco, Waitrose etc EDEXCEL HNC/HND BUSINESS (2009).
AIM AND OBJECTIVES;
The aim and objectives of most businesses is for profit marking except otherwise state like government organisation and charities. It also is