1. Business Ownership

2. Owned & controlled by one person Most common type of business Found in wide range of activities

3. Advantages: No complicated set-up process Close contact with customers & employees All profits retained Individual satisfaction Disadvantages: Have to make all decisions May work long hours Issues regarding holidays/illness No legal protection Unlimited debts Need to provide most of finance Need to be jack-of-all- trades

4. Formed by signing Deed of Partnership Usually found in professional work Deed of Partnership sets out guidelines re share of profits, responsibilities and payments

5. Advantages: Share skills & workload Easier to raise capital Easier to cope with holidays/illness Disadvantages: People can fall out No limited liability Difficult to borrow large amounts of capital Difficult to make business decisions May be disagreements Profits will be shared

6. Have to be registered Owners are shareholders Shareholders elect Board of directors Shareholders can have a say at AGM Shareholders put funds into limited company by buying shares

7. Ready-made business opportunity Established brand and business model Franchisee has to put in money & effort to reap the rewards Franchisor supplies products, business systems, etc Franchisee pays fixed sum and regular payments Franchise is not a form of business ownership

8. Department for Customs and Revenue Operates on behalf of government Staffed by civil servants Collect taxes, student loans payments and make tax credit payments Aim is to be efficient and ensure fairness

9. More independent than government departments Set up by government with responsibility for certain activities Child Protection Agency is one example Funded & accountable to government but free to manage own affairs Set up within tight guidelines

10. Local councils responsible for local services Cover specific areas of the country Give contracts to private companies to run services, e.g. refuse collection Council oversee efficiency of services Supervise other local amenities and services

11. A body owned by it’s members Has limited liability Employee must buy a share in the organisation Each member has one vote in making decisions Democratic Members receive share of profits Those who do the work get the rewards Generally small-scale local enterprises

12. Raise funds & support good causes Create a surplus to use for helping others Surplus occurs when revenue is greater than cost of running charity Managed by trustees Trustees experienced in both charity and business activities Must be registered & produce annual accounts Charities employ paid managers & workers

13. You will need to produce a powerpoint that gives at least one specific example for each of the types of private ownership. State how you know it’s the type of business it is.