Types of Busoness Organisation

What is a sole trader?

Advantages of Sole traders. 1. [blank_start]Formation[blank_end] and dissolution: very easy to form. 2. [blank_start]Control:[blank_end] the business is owned and controlled by a single person. this means they can make [blank_start]quick[blank_end] decisions and you can respond quickly to competitors. 3. [blank_start]Finance[blank_end]: sole traders have the least amount of paperwork to deal with and lower overhead [blank_start]costs[blank_end] 4[blank_start]. Profits[blank_end] and risk: sole trader keeps all profit after [blank_start]taxes[blank_end] are paid.

Two advantages of setting up as a sole trader are: there are long working hours and sole traders have unlimited liability

A partnership is two or more people (but less than 30) who are in a business together in order to make a profit.

All companies and co-operatives set up in Ireland must register with the Companies Registration Office (CRO).

A________________________ is a business owned by investors called ________________________.

____________________ are businesses that are democratically owned and controlled by their members who may be the firm's workers, suppliers or customers.

A [blank_start]public[blank_end] limited company like Glanbia has to have at least [blank_start]seven[blank_end] shareholders. there is no maximum number of shareholders. the biggest difference between a [blank_start]public[blank_end] limited company and a [blank_start]private[blank_end] limited company is that the [blank_start]shares[blank_end] in a public limited company can be sold on the [blank_start]stock market.[blank_end]

Strategic alliances are agreements between businesses to co-operate in the establishment of a project or business together

Franchising means renting a complete business formula out to someone else

A business that changes its legal structure will see a decrease in finance, skills and will see bigger risks in regards business expansion.

public-private partnerships are new commercial state enterprises that are undertaken as joint ventures with the private sector e.g. toll brdges on motorways