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LC Bus Bus Org

LC Business Business Organisations

QuestionAnswer
5 main types of different legal structures for a business sole trader/Partnership/limited company/ co-operative/state enterprise.
Outline the disadvantages of a sole trader. unlimited liability/ difficult to run a business alone / make decision / raise finance / requires a lot of effort.
Outline the advantages of a sole trader. easy to become a sole trader/ register with the CRO/ make decisions quickly/ confidential type of business/ all profits go to entrepreneur because they own the business alone.
What is a public limited company? A business set up by at least seven shareholders and run by directors who are voted in by the shareholders.
Sole trader A business owned and managed by one person.
Partnership A business owned and managed by 2-20 people.
Co-Operative A business set up by a group of people who want to cooperate with each other.
State enterprise A business owned by the Irish government on behalf of the Irish people (semi-state body/states-sponsored body).
Private limited company A business owned by between 1-99 owners (shareholders)
Define franchising A business agreement whereby one person sells the right to use her name, idea or business to others and allows them to set up an exact replica of that business as if it were their own.
Shareholders are the owners of the company (they invest money in the company in return for shares in a business).
Outline 2 advantages of franchising Reduced risk/ economies of scale.
Outline 2 disadvantages of franchising Cost/ Restrictions.
Created by: MrFromholz
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