The sole proprietorship is the simplest form of business organization. A sole proprietorship is a business that is owned by an individual who is solely responsible for all aspects of the business. The owner is personally responsible for all debts of the business‚ even in excess of the amount invested. The business and its owner are thus considered the same entity. The advantages of a sole proprietorship include: a. Low start up costs‚ as legal and filing fees are at a minimum. However‚ many
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governed by special laws. A proprietorship is a type of business entity which legally has no separate existence from its owner. Hence‚ the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. All debts of the business are debts of the owner. The single proprietor has unlimited liability since creditors of his business may proceed not only against the assets and properties of his business but also after his own personal assets and properties
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Task 2- P2 I am going to discuss the different stakeholders involved in two contrasting businesses. I am going to explore the stakeholders involved in each business and how they are affected by the company. My first organisation is Boots Alliance‚ a pharmaceutical shop on most high streets. My second organisation is Oxfam charity. Both provide goods or services to the public; however they have different stakeholders affecting their decisions. Stakeholders are anyone that affects or can affect
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Business Types of Ownership Before starting any venture it is very important to figure out how the organization is going to build its chain of command. Basically no business is made for short time and for this reason a very careful measurement should be done on ownership. Choosing the appropriate ownership in an organisation depends on nature of business‚ type of authority‚ delegation of work‚ span of organization‚ type of product‚ production and operation‚ legal procedure‚ financial matters and
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Introduction M1 Unit 1: Business Purposes Red Group 10A/Eb1 Asid Ashraf 10L Assignment 6 (M1) Scenario: The Editor has asked me to identify and research two different businesses in the area to help promote them to the local community. Requirements of M1: Contrast the ownership and purposes of two different business organisations. Task 6(a): Select two businesses to contrast (your choices must be checked and approved by your teacher). The two businesses are Tesco and Oxfam. Task 6(b): Use the same
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Describe the different stakeholders who influence the purpose of two contrasting businesses A stakeholder is an individual or group with an interest in the success of a business in delivering intended results and sustaining the capability of the company’s products and services. Well basically stakeholders are groups of people with an interest/concern about the progress of a business. There are internal and external stakeholders in every business. An internal stakeholder is someone linked internally
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Business Environment P2 Describe the different stakeholders who influence the purpose of two contrasting businesses. Blackpool pleasure beach A stakeholder is someone who is affected by the business either in success or failure. The stakeholders of Blackpool pleasure beach are: The owners of Blackpool pleasure beach are: Amanda Thompson and her brother Nicolas Thompson who is the deputy manager. It has always been a family run business and has been passed down by other family members. Without
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BBI20-INTRODUCTION TO BUSINESS Unit 1 BUSINESS FUNDAMENTALS Business Categories and Types of Business Ownership Learning Goals: I will be able to describe and give examples of the two business categories. I will be able to describe and give examples of the five types of business ownership. A business: Produces and/or sells goods and services to customers/consumers Business Categories 1. For Profit: makes money (most businesses under this category) 2. Not for Profit: Helps
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Type of business‚ purpose and ownership (P1) To run a business smoothly or effectively all business have aims or purpose‚ this could be survivor‚ to grow‚ to become a market leader. A business also aims to provide exception service or to create a reputation as the best on market. Types of business To understand how business works and what they set out to achieve‚ it’s necessary to have an understanding of the main types of business sectors which exists within a business organisation. There are
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A description of each organisation clearly identifying their main purpose and type of ownership P1 Introduction I am going to investigate and describe two contrasting organisations. I will clearly identify their main purpose and type of ownership. My two chosen organisations are Oxfam and McDonalds. These are two organisations are good examples because they are different in their purpose‚ type of ownership‚ size and scale. OXFAM Description of Oxfam organisation Oxfam was founded in 1942
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