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TYPES OF OWNERSHIP

TYPES OF OWNERSHIP. Sole Traders and Partnerships. Sole Traders and Partnerships. Use the Yellow Pages, the Internet ( www.yell.com ) and/or newspapers and list all those businesses you think are owned by one or more people, eg John Smith, Painter and Decorator; Patel & Jones, Dentists.

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TYPES OF OWNERSHIP

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  1. TYPES OF OWNERSHIP Sole Traders and Partnerships

  2. Sole Traders and Partnerships Use the Yellow Pages, the Internet (www.yell.com) and/or newspapers and list all those businesses you think are owned by one or more people, eg John Smith, Painter and Decorator; Patel & Jones, Dentists. (15 minutes)

  3. Liability • Who is responsible for the debts of a Sole Trader? • Who is responsible for the debts of a Partnership? • What does ‘unlimited liability mean’?

  4. ADVANTAGES AND DISADVANTAGES • In your Enterprise group - Complete the handout ‘Advantages and Disadvantages of Sole Traders and Partnerships’. (15 minutes)

  5. PARTNERSHIP AGREEMENT • Complete the blank Partnership Agreement form for your Enterprise project. • (25 minutes)

  6. UNLIMITED LIABILITY • Put the following words giving the definition of unlimited liability in the correct order: sold have can if all Unlimited the owner possessions their liability means is the for completely debts, debts. they pay business responsible If cannot these they the

  7. SOLE TRADERS AND PARTNERSHIPS • Now complete the gapped handout on sole traders and partnerships. (25 minutes)

  8. PARTNERSHIP DEED OF AGREEMENT You have 25 minutes now to complete the Partnership Deed of Agreement – be careful – it should be a legal document and needs to be accurate!

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