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Business ownership types
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There are different types of ownership within the business sector.
Sole tradership is when the business is fully owned and managed by one person, though others can be employed to help run the business. As the sole traders only financial income is from the business and/or bank loan, they do not have the resources to expand and cover regional or national areas. These types of businesses are located in the small business sector and usually cover local areas. ... Sole traderships have unlimited liability so if the business fails to pay its debts the financial responsibility falls on the owner/s to pay the debts in full even if they have to sell their business, personal possessions and assets.
Another example of business ownership is a partnership. Examples of partnerships used in business are accounting firms and solicitors firms. ... They work, manage and are responsible for the running of the business. Individual partners may concentrate on a certain aspect of the business where they have expert knowledge. As there is more than one owner, larger amounts of capital can be fed into the business via personal funding or bank loans. ...
There are two types of limited companies: Private and public. ... Both these types of limited companies have limited liability, which means the owners of the business are only liable for the amount they invested in the business (unless the debt is so large that the business has to be sold to repay the debt). ... It is the members (shareholders) who finance the co-operative and they control on how the business and profits are run. ... Some examples of central government ownership are the National Health Service and the police force. ... As this sector of business is fundamental for the basic running of the country, I believe the growth of this sector will be steady. ... These all range from the small business sector (i. ... family owned business, Virgin), and public limited companies (i. ... Individuals can now get government grants and/or loans to set-up their own business. This encourages growth within the small business sector. ... New marketing strategies and business consultants/managers are becoming part of the bigger picture within their organisations.
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Paper Information
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Title: Business ownership types
Words: 1808
Rating: None
Pages: 7.2
submitted by: Bsn8810500
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