Btec Level 3 in Business, Unit 1 the Business Environment

Task 1 Describe the type of business, purpose and ownership of 2 contrasting types of businesses. Sole Trader A sole trader is a business owned by 1 person. It does not have limited liability meaning that if it fails and creates debts the owner is personally responsible for this. Sole trader’s usually have to work long hours and learn about all the aspects of business as many start up businesses cannot afford to hire people to take on other tasks. The owner is responsible for everything that goes on in the business and has to do a lot of work. The owner also receives all the profit and is able to make decisions on their own. The owner has full control over the business. Hair dressers, small independent shops and book keepers are†¦show more content†¦What attracts most people to an LLC is the limited liability for the actions and debts of the franchise. Co-operatives A cooperative is owned by the people who work for it. Employee’s buy a share in the organisation and have a vote in making decisions. Members receive a share of the profits in the form of a dividend, when they leave they can take their funds back. They believe that those who do the work should get the rewards. A co-operative has limited liability. Examples of co-operatives are The Co-operative and Best western hotels. If the business fails that all the members lose the money they used to buy their share but nothing else Government Departments and Agencies Owned by the government and funded by taxes A government department is led by a government minister, usually a cabinet member. Has a considerable amount of freedom in the running of the business, but is owned and accountable to the government. A customs and Revenue office are a government department, but has agencies that run under them with a smaller degree of control. For examples the Tax credits agency. The business purpose is to provide the service in a cost effect efficient way and not to make profit. Owners need to be concerned that they are run efficiently, as if there are problems with how they work and deal with customers it may make the publicShow MoreRelatedBtec Level 3 Diploma Unit 1: the Business Environment2118 Words   |  9 Pages|Assignment title: |Business Environment | | |The purpose of this assignment is to: | |Allow you to demonstrate your understanding of a range of business organisations and the factors which impact the operations of these businesses in| |the contemporary world. 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