Summary Cambridge IGCSE and O Level Business Studies Notes CH#4
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Cambridge IGCSE and O Level Business Studies Study and Revision Guide 3rd edition
These hand written notes are perfect for your revision whether its for your upcoming exam or just to catch up with class. These simple yet comprehensive notes guarantee that no confusion will be left in your mind.
IGCSE business notes: section 2 people in business
Cambridge IGCSE and O Level Business Studies Notes CH#3
Cambridge IGCSE and O Level Business Studies Notes CH#3
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BUSINESS STUDIES (7115)
CH#4
Sole traders: a business owned and operated by one
person
o Very few legal requirements
o Business registration is needed and annual accounts should
be sent to government
Advantages:
o Simple setup
o Few legal requirements
o No sharing in profits
o Full autonomy/ authority
o Complete control
Disadvantages:
o No one to discuss ideas with
o No one to share workload with
o In case of loss, all loss to one owner
o Expansion restricted because of small setup
o If the owner dies the business is finished
o Unlimited liability
o Unincorporated business
Partnerships: a business owned by two or more persons
jointly
o Very few legal requirements
o Partnership agreement is made for startup
o Business registration is needed and annual accounts should
be sent to government
Advantages:
o Very few legal requirements
, o Simple setup
o Sharing of capital by partners
o People to discuss problems with
o People to share workload with
o In case of loss it will be shared by partners
Disadvantages:
o No full authority/ autonomy
o Unlimited liability
o Sharing of profit by partners
o Expansion is restricted because of small setup
o Unincorporated business
Private limited business: businesses owned by
shareholders but they cannot sell shares to the public
o Incorporated business
o A separate legal unit. Remains even if the owner die
o Accounts separate from the personal accounts of the owners
o Can make legal agreements
o Jointly owned by people who have invested
o The owners buy shares of the company, that’s why they are
called shareholders
o Directors are the owners with maximum shares
o Shares cannot be sold to general public
o It has limited liability
o Significant amount of legal requirements
o Not possible to raise large sums of capital due to limited
shares
Public limited companies: business owned by
shareholders but they can sell shares to the public and their
shares are tradeable on the stock exchange
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