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Ownership and Legal Structure

Ownership and Legal Structure. Unit 1: The Business Environment BTEC: EDEXCEL. Learning today: what to expect. Research Information related to Business Ownership Structures Identify 3-5 Advantages and Disadvantages for each structure. Present information

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Ownership and Legal Structure

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  1. Ownership and Legal Structure Unit 1: The Business Environment BTEC: EDEXCEL

  2. Learning today: what to expect... • Research Information related to Business Ownership Structures • Identify 3-5 Advantages and Disadvantages for each structure. • Present information • Communicate your findings to your peers • Share Knowledge with others • Recall 3-5 facts on each ownership structure • Become independent learners! 

  3. Ownership Structures: IntroMedia: Watch this short clip... • Make notes on ownership card with new information gained from watching the clip.

  4. Starting a Business... • When starting a business you need to decide on the best legal ownership structure. • Each ownership structure comes with severaladvantagesanddisadvantages Task: Your friend is thinking of starting a catering business and has asked your advise on what option you feel is right for them.

  5. Note Cards: Don’t leave them blank • You will each be given 4 note cards: One for each ownership structure listed: Sole Trader, Partnership, Private Limited Company and Public Limited Company. Sole Trader Give each a title.

  6. JIGSAW LEARNING GROUP • In groups of 4: being independent learners…

  7. SWAP GROUPS….(Network!) There is now one member with specialist knowledge in each group for each ownership structure. Share your information to each other and make notes on the other ownerships structures on the hand out provided. Swap groups one more time and recap on information.

  8. Present back your findings…. Who will be picked to present back? • Description of ownership structure • Advantages (at least 3) • Disadvantages (at least 3) • What advise would you give to your friend and explain reasons for your choice of structure.

  9. Other Ownership Structures… Government Departments Act on behalf of the government e.g. Ministry of Defence or Department for Education which represent the entire population. Government Agencies Are separately run organisations which are funded by the Government e.g. DVLA. These run to strict guidelines set by Government. Worker Co-operatives An organisation owned by the workers who produce or provide products or services. E.g. Divine Chocolate – Farmers own 45% of the company. They help make decisions and influence the business aims. Charitable Organisations Can be organised in many different ways (un-incorporated association, a Trust or a limited company). But with one aim….to raise funds to help specific causes. Can you give a description of this structure? Examples of departments? Can you give a brief description of this structure? Any examples? Can you give a brief description? Example? Brief description? Examples?

  10. Key Term Recap Unlimited Liability A legal obligation on the owner of a business to settle (pay off) all debts of the business. In law there is no distinction between what the business owns and owes and what the business owner owns and owes. Limited Liability When shareholders of a company are not personally liable for the debts of a company. Can only lose money they invested into shares of the company.

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