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Identify the Purpose of Four Different Businesses Organisations

In: Business and Management

Submitted By naymul
Words 1219
Pages 5
In this piece of writing I will be exploring all types of businesses there is. Businesses such as Sole Traders, Public Limited Companies and charities etc… I will write about what features there are and give examples as well.
Sole Traders
Sole trader is a business which is controlled and owned by one individual person. It is the smallest type of business there is. The owner is responsible for all decisions, debt and profit. The owner receives all profit in the company. Many of the decisions can be made quickly and easily making it simple to manage and organise. There are also many disadvantages; it is unlimited liability therefor if the company becomes bankrupt, the owner loses everything: his/her house, car and any other possessions that seems to pay off the debt. The business will also have low assets seeing as it is a lone trader. He/she will have no investments which other companies have, less backing from the government meaning fewer funds. These types of businesses are very small. Many multi-millionaire businesses have been started from sole trading, the most well-known traders who have become massive business tycoons are Lord Alan Sugar and Duncan Bannatyne. Such examples of sole trading businesses are DIY, plumbing, electric work etc…
Partnership
A partnership is a business which is owned but 2 or more people. Partnerships are made after signing a contract or deed which states how much profit each partner will get. Each partner will have a separate responsibility which is needed to keep the company afloat and running. General partners mean all of the partners have equal rights running the business; some partnerships also have dormant partners who invest but do not help run the business at all. Partnerships are also like Sole Traders an unlimited liability. Partnerships are local based; the most well-known formats of partnerships are lawyers, accountants

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