recap on business ownership A quick recap… For unit two you will be asked to choose a medium to large business and talk about its stakeholders – you therefore will have to know its type of ownership.

Private and Public Sector recap on business ownership Private and Public Sector You can choose a business from either sector. App Biz Unit Two

recap on business ownership Private sector You need to choose a large business to allow you to fulfil the requirements of unit two, and therefore unincorporated businesses such as sole traders and small partnerships are not suitable. App Biz Unit Two

Sole Trader/ Partnership recap on business ownership Sole Trader/ Partnership A sole trader is a person who has set up and is responsible for running their own business A business owned by two or more individuals These types of business are far too small for unit two – hard to cover all the stakeholders App Biz Unit Two

Private Limited Company (ltd) recap on business ownership Private Limited Company (ltd) Owned by shareholders Run by directors appointed by the shareholders. Shareholders are often closely involved with the business and may themselves be directors. You may choose to study a ltd business, but these are less common than plc’s App Biz Unit Two

Public Limited Company (plc) recap on business ownership Public Limited Company (plc) Owned by shareholders and run by directors appointed by the shareholders. Many candidates choose a plc to study – e.g. Morrisons plc, Tesco plc, Marks and Spencer plc App Biz Unit Two

recap on business ownership Franchise BE CAREFUL!!! A franchise is a business that operates under the name of another business, selling the products or services of that business. Many sole traders run franchises. This is NOT a type of ownership, but an agreement made to sell products/services under the name of another business e.g. Mcdonalds, Thorntons, Domino’s Pizza, Wimpy. AVOID!!! Very hard to cover this type of business well! App Biz Unit Two