1. BUSINESS OWNERSHIP AS Business Studies

2. SOLE TRADER The most common form A business where one person provides the permanent finance Keeps full control Keeps all profits So, what are the Advantage and the Disadvantages for setting up as a Sole Trader?

3. PARTNERSHIPS Formed by 2 or more people Shared Capital Investment Usually Shared responsibility Liability ??? What types of businesses set up in Partnership? So, what are the Advantage and the Disadvantages for setting up as a Partnership?

4. PRIVATE LIMITED (Ltd) Limited Liability – risk transferred to who? Legal “Personality” – separate identity in the eyes of the law (being sued) Continuity So, what are the Advantage and the Disadvantages for setting up as a Ltd?

5. PUBLIC LIMITED (Plc) “plc” or “inc” In the Private Sector! Floatation Advertise shares to the public Divorce between ownership and control “Short-Termism” investment So, what are the Advantage and the Disadvantages for setting up as a plc/inc?

6. FRANCHISE Using the name, logo and trading systems of another successful company More a “Legal Contract” than a structure The franchisee decides on the structure for the business! So, what are the Advantage and the Disadvantages for setting up as a Franchise?

7. Others... Joint Ventures Holding Companies Public Corporations (Nationalised) (How are their objectives different?) Adv and Disadv of Public Corporations?

8. Homework Research: Memorandum of Association Articles of Association What do they contain? What is their purpose?

9. Past Exam Question... 2007 P1 Q5 Analyse the benefits which a private limited company might gain by becoming a public limited company. [8]