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Business Btec Level 3 Unit 1 - P1

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Unit 1 - P1
Table 1 Types Of Ownership: | Definition: | Example: | Sole Traders | A sole trader business is owned and controlled by one person and the most common type of business. | Window CleaningPlumbing
Electrical Work | Partnerships | A partnership is usually formed by signing a Deed of Partnership (which sets out how profits will be shared and the different responsibilities and payments to partners) with the paperwork being supervised by a solicitor. | Medical PracticeDental PracticeAccountantsSolicitors | Private Limited Company | Private limited companies tend to be smaller than public ones. Often family businesses. There must be at least two shareholders. Shares in private limited companies cannot be traded on the stock exchange. | Green EnergyJohn Lewis PartnershipVirgin Atlantic | Public Limited Company | Public Limited Companies have their shares bought and sold on the stock exchange. This allows the company to raise large amounts of capital very quickly. | ASDAMicrosoftBlackberryMcDonald’s | Government Departments and Agencies | They operate on behalf of the government and are staffed by civil servants, known in this department as customs and revenue officers. Civil servants are people who work directly for the government. Their job is to collect income tax & other taxes on behalf of the government, to collect repayments on student loans and make payments such as tax credits. | Child Protection AgencyCabinet OfficeDepartment For TransportNHS England | Worker Co-operatives | They are a body who are owned by people who work for it. They have limited liability. Each member has the right to cast a vote in decision making. This allows them to be democratic as well as not allowing one individual to gain control. | AlloyJohn Lewis PartnershipAK PressSuma | Charitable Trusts | This organisation is set up to raise funds and supports other

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