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Types of Business Organisation. BTEC Business. Two Sectors. The economy can be divided into two sectors: The Private Sector The Public Sector. The Private Sector. Private individuals and firms that are owned by private individuals Firms in the private sector include: Sole Traders

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two sectors
Two Sectors

The economy can be divided into two sectors:

  • The Private Sector
  • The Public Sector
the private sector
The Private Sector
  • Private individuals and firms that are owned by private individuals
  • Firms in the private sector include:
    • Sole Traders
    • Private Limited Companies (Ltd)
    • Partnerships
    • Public Limited Companies (PLC)
the public sector
The Public Sector
  • Made up of central government, local government, and businesses that are owned by government
  • In the last twenty years the number of government-owned firms in the UK has shrunk massively
  • Now, very few examples remain: for instance, the Royal Mail
private sector firms
Private Sector Firms

One of the key differences is between:

  • Sole traders and partnerships whose liability is unlimited

And

  • Private Limited and Public Limited Companies, who have ‘limited liability’
other business types
Other Business Types
  • Co-operatives are owned by their staff, who are ‘members’ of the firm
  • Profits are shared amongst the members
  • Losses too must be shared
franchises
Franchises
  • Many businesses today are franchises
  • A business idea is licensed to a franchisee
  • The owners of the brand receive a license fee
  • The franchisee gains the right to use the business brand
not for profit businesses
Not For Profit Businesses
  • Many charity-based business organisations are run as ‘not for profit’ operations
  • They typically receive donations or funds from groups or government
  • Any financial surplus is ploughed back into the business
  • The organisation does not aim to generate profits