Forms of Ownership

What is an entrepreneur?

• Person who is rich

• Someone who has identified an opportunity in the market and wants to start a business to take advantage of the opportunity.

• Person who reads a lot

• Person who rides a bike

In a ........................ one person owns and runs the business. 

• Private company

• Close corporation

• Partnership

• Sole Trader

Sole trader has...... owner.

How many partners can you have in a partnership?

• 2-20

• 1-100

• 40-50

• 1-200

What are 2 advantages of a sole trader?

• The owner has to share with his children

• It is easy to set up

• Owner is entitled to all the profits

• There is continuity

What do partners have to share?

What are the disadvantages of a partnership?

• Differences between partners can lead to conflict

• They learn from one another

• They get to make a lot of money

• All decisions must be agreed upon by all partners

Elon and Sons is an example of what type of form of ownership?

A hairdresser is what type of form of ownership?

Which of the following is example of a franchise?

• Lightcliffe Academy

• Moon Cafe

• McDonalds

• Sports Direct