Sole traders, partnerships, private limited companies and public limited companies.
You need to learn definitions, advantages and disadvantages of each type of legal structure.
You could start here.
Find this video and I will be well impressed.
The layout and design of the premises is controlled by the franchisor.
All supplies have to be bought from the franchisor.
An annual payment to the franchisor – a % of the franchisee’s sales revenue (income).
Go to m.socrative.com on your Smartphone.
Enter Room 151756.
https://youtu.be/U4QvPXvNKj0
There are some good notes on this topic from this website.
Franchising:
A business which has bought the right to trade under the name, logo and trading method of an existing (hopefully) successful business.
Click on the headline:
To obtain a franchise requires the payment of an initial fee and the signing of a contract that places the following restrictions on the franchisee:
Click on the headline:
To obtain a franchise requires the payment of an initial fee and the signing of a contract that places the following restrictions on the franchisee:
All supplies have to be bought from the franchisor.
An annual payment to the franchisor – a % of the franchisee’s sales revenue (income).
The owner of the business idea is called the franchisor and the person who wants to run the franchise is called the franchisee.
Advantages and disadvantages of franchising and more from the Ashbourne College blog here.
Texas chicken - the next big thing?
Social enterprises:
Social enterprises trade to tackle social problems, improve communities, people's life chances, or the environment.
They make their money from selling goods and services in the open market, but they reinvest their profits back into the business or the local community.
And so when they make a profit, society benefits.
Click on the picture:
Lifestyle businesses:
A lifestyle business is a business set up and run by its founders primarily with the aim of:
Providing a foundation from which to enjoy a particular lifestyle.
Online businesses:
An online business is any business on the Internet that sells products, services, or advertising, online.
Advantages and disadvantages of this type of business here.
Growth to Public Limited Company (PLC) and stock market flotation:
Many successful private limited companies (ltd) decide to 'go public' and become public limited companies (plc).
The process is technically called a 'flotation' as in the UK the shares are 'floated' on the London Stock exchange.
Why?
The process can raise vast amounts of money to help the business reach its objectives.
It can also make the original owners very rich.
Click here.
Advantages / disadvantages of a stock market flotation. Details here.
Link to the London Stock Exchange. Details here.
Socrative quiz:
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