Tag: franchise
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What is a joint venture?
Joint venture Joint venture happens when two separate companies join hands to complete a project They share knowledge and expertise to complete the project successfully
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What is a Franchise?
Franchise To use the name of a large business to conduct business activities Franchisee uses the name Franchisor grants the permission to franchisee to use the name for a fees Eg. Mc Donald’s has many restaurants all over the world which are mostly run by the franchisees
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What is limited company?
Limited company A business owned and managed by a group of people Directors make the decisions Profit is shared among the shareholders If businesses lose money the shareholders don’t have to sell their personal assets to repay creditors
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What is Partnership?
Partnership The business is owned and managed by 2-20 people Partners make the decisions Profit is shared among the partners If businesses lose money, the partners have to sell their personal assets to pay off creditors (unlimited liability)
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Types of Business organisations
Types of business organisations Sole trader Partnership Limited companies Franchise Joint ventures