Types of Businesses

A business model that allows individuals to invest in an organisation that already exists and run on their own (following regulations).

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation is run and operated by one individual.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation is made up of at least 5 members who contribute to the running of the business.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation run and operated by 2 or more individuals.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation run by 2 or more individuals and is one which is considered a separate legal entity.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

Sole Trader has the sole responsibility of running a business and is easier to set up.

• Advantage

• Disadvantage

Subway, McDonald's and Hungry Jack's are all examples of a _________ business.

• Food

• Franchises

• Sole Traders

• Shop

What is a Sole Proprietorship?

• A business where 2 or more people share ownership

• A business owned by shareholders

• A business that is owned by one individual

What percentage of the profits in sole proprietorship is the owner designated to?

• 75%

• 100%

• 54%

• 0%

Which of the following is an advantage of sole proprietorship?

• Owner has complete control

• Owner gets all the stress

• Cannot raise capital

• All the above