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15805118
Business Ownership
Description
For other people doing gcse hospitality and catering or who need to know the business ownerships.
No tags specified
gcse
hospitality and catering
business ownership
edexcel
theory
business
gcse
Mind Map by
Yusuf Shafiq
, updated more than 1 year ago
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Created by
plemar23
over 9 years ago
Copied by
Yusuf Shafiq
almost 6 years ago
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Resource summary
Business Ownership
Franchise
Firms successful business model and their name
Pay the firm to use their name and sell their stuff.
Examples
The twilight saga
The hunger games
Mcdonalds
Franchiser
Advantages
More money
Business grows faster
Disadvantages
Badly run
Bad reputation
Franchisee
Advantages
Support of the franchiser
Staff training
Good franchiser reputation means good buisness
Franchiser provides advertising, packaging and equipment
Disadvantages
Don't have any control
Expensive to buy into the company
Franchiser fails and so does franchisee
Sole trader
Owned by one person
Individual
Single
Advantages
Own boss
May not need to employ staff
Easy to set up, with few starting costs
Disadvantages
Difficult to take time off
Unlimited liability, sell possesions to get out of debt
No sharing risks, or anyone to help with decision making.
Partnership
2 people
Dual
3-1=2
Advantages
Time and cost commitments are shared
More money can be raised
Wider range of skills, talents and ideas
Disadvantages
Profits have to be shared
Harder to close down
Partners might argue
Limited company
Liability of members of the company is limited to what they have invested
Can't use personal belongings to pay off debt
Only the money put in by the buyers
Public
Advantages
Value of shares go up
Not personally responsible for debt
More access to finance
Disadvantages
Loss of individual control.
Value of shares go up
Threat of being taken over
Private
Advantages
Share of profits
Easier to raise funds
Shareholders aren't responsible for debt
Disadvantages
Complicated to set up
Control of the company is spread out
Employees might not be committed
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