they are also responsible for all the debts and liabilities the business accrues. There are lots advantages by being a sole trader. The first advantage is easy formation. The formation of sole proprietorship business is very easy and simple. No legal formalities are involved for setting up the business excepting a license or permission in certain cases. The entrepreneur with initiative and certain amount of capital can set up such form of business. Another advantage of sole proprietorship is
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Unit 1 - Task 1 This article is about the different business purposes in Southall. There are many private sector companies in Southall such is McDonald’s. We have all heard about McDonald’s but not realised that it was in the private sector. The private sector includes all the businesses set up an individual or a group of individuals. Although most businesses are in the private sector‚ the type of business can vary a lot within the sector. Some can be small independent‚ family – run shops. Others
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INTRODUCTION TO BUSINESS Business If a man remains busy with an activity which is production oriented is called Business. Production means creation of utility. In a word business is a creation of utility. Man can’t produce anything. Man can only procure resources from nature and can change its shape‚ place and time. Utility: Utility means capacity to satisfy human need or want. Something which has got the capacity to satisfy human need or want‚ we say that it has got utility. Business organization:
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in the country which affect the functioning of business . 10. Setting up of the Enterprise :- After analysing the above mentioned points carefully the entrepreneur can start the business which would mean mobilising various resources and completing legal formalities.
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Market Structure of a Cosmetologist Nedra Dennis ECO/365 Feb.11‚ 2013 Matthew J. Angner Market Structure of a Cosmetologist We will identify the market structure of a Cosmetologist also known as a hairdresser. Also how a Cosmetologist differentiates from other alternatives and the competitive strategies that might be used by the organization to maximize profits over the long run. As a Cosmetologist which I am in‚ the market structure would be a sole proprietorship. As a sole proprietor you
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TYPES OF ORGANISATION QUIZ 1) Which form of business organization do you think is most suitable for each of the following businesses? Explain your answer fully: a) A young student is planning to offer his services to neighbors as a gardener. He will purchase only cheap tools to start with. (3) The sole trader form is most suitable for this business‚ because sole trader is most common form- operated just by one person‚ and this business is running only by a young student‚ which is only one person
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In this assignment I will try in learning outcome 1.1 to identify the objectives of different types of organisations and in outcome 1.2 demonstrate the level to which a business organisation meets the goals of different stakeholders and finally in the outcome 1.3 explain the responsibilities of an organisation and tactics used to achieve them. I am also going to give examples based on my own personal experience. Lo1.1 Identify the purposes of different types of organisation Business organisations
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the company alone. There are different forms of legal businesses‚ like Sole Proprietorship‚ Partnership‚ Corporation and Limited Partnership. They all have the aspect of running a business and choosing which one is right for someone starting a new company. When creating something new there are legal forms of business that are needed to be decided on. Sole proprietorship is the simplest way of starting a business‚ requiring less paperwork and legal filings when both starting your business‚ and on
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They are responsible for everything that goes on in the business. An example of a sole trader is usually an off licence‚ taxi driver‚ sweet shop etc. Advantages of a Sole Trader --------------------------- · Easy to set up – no legal formalities of fees · Own boss and can make all the decisions · Keep all profits · Can be set up with relatively
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comparative ease of difficulty in forming a particular form of organisation mainly depends on three factors: {i) formation expenses by way of registration fee‚ stamp duty‚ fees of legal experts‚ charges involved in the drafting of documents‚ obtaining licenses‚ etc.‚ (ii) legal formalities‚ and (iii) procedural delays‚ etc. Unless it is very essential‚ it is better to go for an organisation which is easy to form. 2. Scope of raising capital:
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