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BusinessOrganisation
Leaving Cert Business Studies
| Term | Definition |
|---|---|
| Main types of business operating in Ireland are | Sole trader Partnership Private Limited Company Public Limited Company Co-operative State-owned enterprise Franchise Alliance Transnational Company (Direct foreign investment) Indigenous firms |
| Sole Trader | This is a person who runs a business enterprise under his/her own name. electricians and hairdressers |
| Partnership. | A partnership is said to exist where two or more people (no more than 20) run a business enterprise in common with a view to making a profit. |
| Deed of Partnership. | To avoid problems, people setting up a partnership together should draw up a contract before they set up the business. This contract is called a deed of partnership. It this used in the event of any disagreements between the partners. |
| 2005 LCQ | Distinguish between a sole trader and a partnership as a form of business organisation. |
| Private Limited Company | This is a business owned by between 1-99 owners called shareholders. |
| Public Limited Company (PLC) | This PLC is a business owned by at least 7 owners called shareholders. The shareholders have limited liability. The company can raise capital by selling its shares to the public. E.g. AIB plc. |
| State-owned Enterprises | These are businesses that are owned by the Irish Government on behalf of the people of Ireland. They are run by professional managers who are appointed by the Government. They are also called state sponsored bodies or semi-state bodies |
| Nationalisation | The Government are taking over public limited companies. This is more common today because of the bail out in banks. E.g. AIB Plc, Bank of Ireland Plc, Anglo Irish Plc |
| Franchise | Franchising involves the granting of a licence (permission) by a franchiser (franchise creator) to the franchisee (the investor) entitling the franchisee to sell the product/service. |
| Alliances | A business alliance is a relationship (agreement) formed between two business enterprises to promote the business interests of both. |
| Transnational Companies (TNC’s) | This company has it’s controlling headquarters in one country and branches in many other countries. It operates on a world wide scale. |
| Indigenous Firms | These are businesses which are set up, owned and managed by Irish people. Their main place of business is Ireland. They make their products here in Ireland and may sell them here also. They may also export their products from Ireland to other countries |
| Enterprise Ireland | Indigenous firms are helped and encouraged by Enterprise Ireland. It provides them with advice on setting up and running a business. It gives them grants to help them buy the things they need |
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