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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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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Typical stakeholders in an organisation include: * Employees: They want to keep their employment‚ good rates of reward and also promotional opportunities. * Suppliers: They want to feel valued by the company and want frequent orders with prompt payments. * Owners: In a company it would be the stakeholders. They are often thought to be the most important stakeholders as they have set up the business and invest a lot of time into it to make it successful. Owners want to see their
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P5-Describe the influence of two contrasting economic environments on business activities within a selected organisation Within my selected organisation‚ Tesco‚ there are 2 important economic environments that have an influence on business activities. Both economic environments will have a different way on affecting Tesco. The economic environments are growth and recession. Economic growth occurs when more goods are being produced and consumed‚ and incomes are rising. A growth company tends to
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In the United States or Canada there are many forms of business ownership. Many business owners‚ in the US‚ who decide to start-up their own business must carefully choose a form of business ownership for their corporation‚ this will determine the legal arrangements of the business. The reason it is important for a business manager to choose a legal development for his company is because this decision will have an effect on matters such as taxes and regulatory requirements. If an executive manager
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make sure their products are of a good quality to ensure business in future. Coca –Cola will want to ensure customers choose them over their nearest rival for example‚ Pepsi. So they would try to stand out from other rivals. | Employees | An important factor for the Eden Project is the job satisfaction as employees would be proud that they work for a small charity. Also the Eden Project will also take on volunteers into their organisation. The Eden Project will need to make sure that the volunteers
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Describe the type of business‚ purpose and ownership of two contrasting businesses. Type of business The two different companies I will be looking at are Tesco and The British Heart Foundation. Tesco is an organisation which produces profit by selling goods to the general public‚ they usually sell food but now they are gradually bringing in other products‚ for example home décor and clothing. Tesco has different brands within the brand itself‚ for example they have Tesco’s Finest‚ Best of British
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Describe the different stakeholders who influence the purpose of two contrasting organisations (you must choose one public and one private or one local and one national organisation) P2 Introduction – What are you writing about? Explain what stakeholders are. List internal and external stakeholders. Describe each stakeholder Introduction In this task‚ I will be talking about the different stakeholders of the two organisations. I have chosen the two organisations are the Harris Academy Peckham
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There are two types of organisation structures‚ flat and hierarchal. Flat structure’s chain of command is short by having lots of people report to one managing director. On the other hand the span of control is wide. A business with this type of structure is Nike. A flat structure is also known as a matrix structure. A hierarchal structure’s chain of command is long. This is because fewer people are reporting to the managing director. While the span of control is narrow. A type of business that uses
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