Business
- Created by: Courtneyy16
- Created on: 13-11-17 14:28
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- BUSINESS REVISION
- Sole trader is an owner of a business that is entitled to keep all profits.
- Choose own hours.
- No support and cover for holidays time off etc...
- Income Tax is tax on income, people who pay it are, workers on their wages.
- Corporation Tax is a tax that limited companies pay on their profits.
- VAT, Tax on spending.
- Merging > A business joins forces with another business in the same industry (Horiz) and different industry (Vert)
- Gains expertise and support.
- Share profit.
- Internal Expansion > Business e.g. new outlet or increase in factory.
- Financial risk.
- Potential for making extra revenue.
- Takeover.
- Upset employees and customers
- Keep all profit.
- Partnership, 2-20 people working together in the organisation.
- Plenty of cover if ill.
- All profits have to be shared.
- PLC
- Expensive to set up.
- Limited liability
- LTD (Private)
- Public can see financial accounts.
- Limited liability.
- Horizontal Intrgration, Joins forces with another company I the same industry.
- Vetical integration > Joins forces with another company in a different industry.
- Sole trader is an owner of a business that is entitled to keep all profits.
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