4. Types Of Business Organizations an der University Of Birmingham | Karteikarten & Zusammenfassungen

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Forms of business organizations (7) 

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  • sole trader 
  • partnership 
  • private limited companies 
  • public limited companies 
  • franchises 
  • join ventures 
  • pubic corporations 
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define public corporation

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  • a public corporation is a business in the public sector that is owned and controlled by the government 
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the memorandum of association contains (4)

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  • information about the company and the directors 
  • states the official name and address of the registered offices of the company 
  • states objectives of the company 
  • states number of shares bought by each director
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incorporated business means (3)

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  • a company exists separately from the owners and will continue to exist even if the owners die 
  • a company can make legal contracts or legal agreements 
  • company accounts are kept separate from the owner's accounts
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define limited liability 

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limited liability is the condition by which shareholders are legally responsible for the debts of the company only to the extent by the amount they have invested 

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define sole trader 

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a sole trader is a form of business owned and controlled by one person

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define a deed of partnership 

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a deed of partnership is the written and legal agreement between business partners 

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define unincorporated business 

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an unincorporated business is one that does not have a separate legal identity 


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contents of a deed of partnership (9)

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  • the amount of capital invested in the business by each person 
  • the tasks to be undertaken by each partner 
  • how profits are shared out 
  • how long the partnership will last 
  • arrangements for absence, retirement and how new partners could be admitted 
  • name of the firm
  • name of industry 
  • name of partners
  • business location
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partnership advantages (6) 

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  • more capital invested by partners 
  • responsibilities of the business are shared 
  • partners can specialise in different aspects of work 
  • more profit is made 
  • business is easy to establish as startup costs are low 
  • it is easy to change legal structure
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partnership disadvantages (7) 

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  • unlimited liability 
  • if one owner leaves or dies the partnership ends
  • decision making would be difficult as all partners have to agree
  • partnerships are limited by 20 people 
  • any decision made by one partner legally binds all partners 
  • profits are shared amongst all partners 
  • partners must pay taxes in the same way sole traders do 
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private limited company disadvantages (5) 

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  • significant legal matter has to be dealt with before a company is formed
  • shares can't be sold without the agreement of the shareholders
  • shares cant be offered to the general public 
  • division of ownership 
  • it is expensive and time consuming 
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Q:

Forms of business organizations (7) 

A:
  • sole trader 
  • partnership 
  • private limited companies 
  • public limited companies 
  • franchises 
  • join ventures 
  • pubic corporations 
Q:

define public corporation

A:
  • a public corporation is a business in the public sector that is owned and controlled by the government 
Q:

the memorandum of association contains (4)

A:
  • information about the company and the directors 
  • states the official name and address of the registered offices of the company 
  • states objectives of the company 
  • states number of shares bought by each director
Q:

incorporated business means (3)

A:
  • a company exists separately from the owners and will continue to exist even if the owners die 
  • a company can make legal contracts or legal agreements 
  • company accounts are kept separate from the owner's accounts
Q:

define limited liability 

A:

limited liability is the condition by which shareholders are legally responsible for the debts of the company only to the extent by the amount they have invested 

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Q:

define sole trader 

A:

a sole trader is a form of business owned and controlled by one person

Q:

define a deed of partnership 

A:

a deed of partnership is the written and legal agreement between business partners 

Q:

define unincorporated business 

A:

an unincorporated business is one that does not have a separate legal identity 


Q:

contents of a deed of partnership (9)

A:
  • the amount of capital invested in the business by each person 
  • the tasks to be undertaken by each partner 
  • how profits are shared out 
  • how long the partnership will last 
  • arrangements for absence, retirement and how new partners could be admitted 
  • name of the firm
  • name of industry 
  • name of partners
  • business location
Q:

partnership advantages (6) 

A:
  • more capital invested by partners 
  • responsibilities of the business are shared 
  • partners can specialise in different aspects of work 
  • more profit is made 
  • business is easy to establish as startup costs are low 
  • it is easy to change legal structure
Q:

partnership disadvantages (7) 

A:
  • unlimited liability 
  • if one owner leaves or dies the partnership ends
  • decision making would be difficult as all partners have to agree
  • partnerships are limited by 20 people 
  • any decision made by one partner legally binds all partners 
  • profits are shared amongst all partners 
  • partners must pay taxes in the same way sole traders do 
Q:

private limited company disadvantages (5) 

A:
  • significant legal matter has to be dealt with before a company is formed
  • shares can't be sold without the agreement of the shareholders
  • shares cant be offered to the general public 
  • division of ownership 
  • it is expensive and time consuming 
4. Types of business organizations

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