business at work task 1
... There are different types of ownership of a business. The type of ownership of a business can give you a rough idea of the size of the business. The different types of ownership of a business are: • Sole trader • Partnership • Private limited company • Public limited company • Co-operative • Not-for-profit/ charity • Franchise These types of business can be split into private and public sectors: Private sector (owned by individuals and private organisations) Public sector (owned by the state/government) Sole Trader (1 owner) Public corporations and other government enterprises (owned by the government Partnership (2-20 owners) Private limited companies Public Limited Companies Co-operatives (owned by 2 or more co-operators) Franchises (owned by one or more franchisees) Businesses can be change from public to private which is called privatisation for reasons such as to save valuable public money on other service.