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Types of Business Organisation

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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Types of Business Organisation

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  1. Types of Business Organisation BTEC Business

  2. Two Sectors The economy can be divided into two sectors: • The Private Sector • The Public Sector

  3. 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)

  4. 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

  5. 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’

  6. 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

  7. 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

  8. 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

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