Stakeholders

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INTRODUCTION:
AIMS OF BUSINESS OWNERSHIP:
The head of this resource is to develop our understanding of the possessorship of employment organisations. You should be able to:
Identify the master(prenominal) sources of finance for private sphere firms.
State the basic legal responsibilities of private sector firms.
correspondence the meaning of limited liability and boundless liability.
Discuss how the main types of business organisations are set up.
Advantages and disadvantages of each form of ownerships.
repair TRADER:
A fillet of fillet of sole trader is a business that is owned and controlled by one person though they may employ workers, e.g. a newsagent’s shop. Individuals who provide a specialist service like hairdressers, plumbers or existence from their owner. The sole trader receives all profits and is legally required to take on and satisfy all losses personally. The sole trader has unlimited liability to repay amounts owing, or debts, of the business is called the owner equity. The sole trader is free to run the business as he or she thinks the best. Although such a business is inexpensive and flourishing to set up and run, additional finance may be difficult to obtain. The business name, if different from the owners own name, must be registered.




ADVANTAGES:
They are usually small businesses, so less cash is required to set them up.
The owner is in sole point so quick decisions potentiometer be made without having to bear on others.
The owner gets to keep all of the profits; they don’t have to be shared with others.
Financial information scum bag be kept private.
The needs of local people can be catered for as can special tastes as the owner will know the local market.
DISADVANTAGES:
The owner becomes ill or goes on holiday the business may suffer. This can be less of a problem if the sole trader employs a manager or managers. How often the sole trader is brisk to leave the manager in charge will imagine upon...If you want to get a full essay, order it on our website: Orderessay



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