Well we have covered the following, in relation to starting up a business, so if your a bit rusty read up and make some better notes:
- What are entrepreneurs and how they find gaps in the market !
- Typical aims and objectives inc SURVIVAL, making a PROFIT, keeping customers HAPPY, being ETHICAL, increasing MARKET SHARE, being ENVIRONMENTALLY FRIENDLY and you have;
- Looked at business OBJECTIVES and how these should be SMART. we have also looked at
- BUSINESS PLANNING and how it helps to reduces risks and considers external factors and why it should be a working rather than fixed document and last lesson we considered
- STAKEHOLDERS in a business, the customers, suppliers, local community, employees, owner and the government and how they all have an invested interest in the business being successful but also have their own wants and needs and will have their own unique impact on the business. The way they influence the company and how they need to be considered is vital if you want to run a successful company as you cant afford to leave any behind.
Today we are going to consider the different legal structures that exist and you need to know which legal structure is appropriate for each business.
Using the raft of resources available to you in B4 you will create a 5 page magazine highlighting 5 local businesses - one for each legal structure.
- Sole Trader
- Private LTD Company
For each you will use your research skills to identify a local business and in your article include:
- A definition for each legal structure (OWNERSHIP TYPE)
- Advantages and disadvantages of this legal structure (OWNERSHIP TYPE)
- The name of the business and its company logo, aims and objectives and contact details
- The purpose of this business
- The size of the company in terms of employees, turnover £££ or number of outlets
- The scale of the operation, is it local, regional, national, international
- Some interesting facts and figures in the news i.e. stories or events or profit statement
- Your opinion about this business, what do you think of this type of legal structure, do they do anything that has impressed you, do you think that this is the best legal structure for them at this stage in their life cycle.
AQA Business Studies core text Pgs 21-28
or the e-resources that you have now started using online by clicking the link below:
Finish off and email me at least three of the pages of the magazine article