2. Understand the two types of ownership Private and Public and the difference between private ownership and public ownership All- identify the two types of ownership and explain the difference Most -Can do the above and name the different types of private ownership and match businesses to those types Some - Can do all of the above and explain all the different types of private ownership, starting to explain the pros and cons of each

4. Use the internet to find out as much information as you can about: PRIVATE OWNERSHIP PUBLIC OWNERSHIP You MUST have a definition for each You have 4 minutes!!!!

5. With the person next to you Pair rally your key findings… 1 minute go!!!

6. Some business are under public ownership and controlled by the state Run by the state on behalf of others A business can also be controlled by trustees, who oversee, the business affairs. e.g Charities Most businesses are under private ownership Many are small enterprises e.g newsagents, hairdressers But some are much larger e.g Arcadia Group Small businesses owned and run by 1 person, partnerships or family run e.g Warbutons Individuals run the businesses to make a PROFIT so they can survive

7. As discussed there are many reasons as to why people would want to have private ownership of a business….. 1.To make a profit so they can survive, so that is why they charge a price for their goods or services 2.Being a private owner of a business means YOU keep all the profit. So any extra money you have made when paying off your tax and expenses is all yours!!!

8. There are many types of privately owned businesses and this will be dependant on how many people run the business, if they get shares and how much money it earns.

9. TASK: Can you remember which is which? Write it down on your sheet..

10. As I explain the different types of privately owned business YOUR task is to fill in the missing words when I finish speaking…

11. The smallest type of business. It is owned by just one person even though there maybe many employees. The sole trader is personally responsible for every aspect of the business, from keeping the premises clean to managing the accounts. Examples of sole traders businesses are…… Decorators Hairdressers Florists Keeps all the PROFIT after paying tax

12. Owned and run by two or more people. The ‘partners’ are jointly responsible for running the business. Most partnerships are small. Examples are solicitors, vets, accountants and doctors.

13. Easy to identify as it’s name always ends in ‘LTD.’ It has a few owners and each owner has a share of the business. They are then known as a shareholder. If the company is successful then each shareholder gets a financial reward called DIVIDENDS. The owners of a ‘LTD’ have two roles, they are shareholders but they are also directors and therefore run the company. This is the case for many family run businesses.

14. The largest type of private business. These companies end their name with ‘PLC’. The shares are usually traded on the stock exchange and can be owned by the members of the public and insttutional investors such as banks. The directors are paid a salary to run the company and can chose whether to own shares or not. This type of business can raise a large amount of money by selling shares and can use the money to develop their enterprise.

15. In groups of 3 or 4 you have a group of cards with different businesses on them. Your task is to sort them under the different types of privately owned business and fill in your table with the correct answers. Sole trader Partnership LTD PLC