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Getting Started
Leaving Cert Business Studies
| Term | Definition |
|---|---|
| Steps in setting up a business | Step 1. Ownership options |
| Step 2. Finance options | |
| Step 3. Production options | |
| Step 4. Write up a business plan= | |
| Ownership Options | |
| - Sole Trader | |
| - Partnership | |
| - Limited Company= | |
| Sole Trader | A sole trader is a person who sets up, owns and runs a business on their own= |
| Advantages | Easy to set up,Keep all profits,Confidential,Control= |
| Disadvantages | Unlimited liability,One person,Difficult to raise finance= |
| Partnership | A partnership is a business owned and managed by between 2-20 owners= |
| Deed of partnership | This is a contract that is used in the event of any disagreement between the partners= |
| Advantages | More capital available,Expertise,Confidential= |
| Disadvantages | Unlimited liability,Share profits,Incompatible,Slow decision making= |
| Private Limited Company. (LTD) | This is a business set up by 1-50 people called shareholders= |
| Advantages | Limited liability,Raise Finance,Better decision making,Taxation,Continuity of existence= |
| Disadvantages | Complicated to set up,Publish Accounts,Profits Shared,Legal Requirements= |
| Finance Options | Cost,Risk,Security,Control= |
Created by:
athlonebusinessstudies
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