Adam Homework

• Sole trader: Means you run your own business as an individual, you get to keep all the profits after tax. You may employ staff as the term just means your responsible for the business.  
• Partnership: A business that is managed by two or more people. They operate on the basis that both/all owners are equal and will all be held liable for the debts of the business.
• Private Limited Companies: Is often a small independent retailer in a small market town/city. There shares cannot be put on the stock exchange. 
• Public Limited Companies: these are larger companies that are well known. For instance Sports Direct, Argos and IKEA. There is often a chain of these stores in city centres and are allowed to put shares on the stock exchange. They are both known as incorporated which means they sustain their own legal identity and can sue or own assets. The ownership is divided up into shares, the one with the most is the corporate shareholder. Not everyone involved will have a say in the ownership of the company unless they are on the board of directors.
• Franchise: franchising is buying into an existing company and acquiring the right to use existing ideas instead of making a business from scratch. A relationship is formed between the franchisee who buys the rights to copy a format and a franchisor who sells the right to use the businesses. This says time going through the rigamoroal of setting up new business which may be let down by an unsuccessful business model. 
• Workers Co-Operative: is a business that is owned and operated by the staff. It is known to thrive in many different industry's. They normally buy in with an invest. This means every decision leads to a democracy. I.e suma foods. 
• Limited Liability Partnerships: is a partnership in which all or a select few will have limited liabilities. Which means one partner is not responsible or liable for another's actions. No one is liable for the business debts, it's linked to how much money they are limited to invest.

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