darlene presentation.pptx

BUSINESS STUDIES

1. TOPIC; TYPES OF VENTURES AND WAYS OF GETTING INTO BUSINESS

2. TYPES OF VENTURES SOLE PROPRIETORSHIP LIMITED LIABILITY COMPANY GENERAL PARTNERSHIP CORPORATION

3. SOLE PROPRIETORSHIP A sole proprietorship is an unincorporated company that is owned by one individual only . While it is the most simple of the types of business, it also offers the least amount of financial and legal protection for the owner . Unlike partnerships or corporations , sole proprietorships do not create a separate legal identity for the business .essentially the owner of the business shares the same identity as the company .Therefore , the owner is fully liable for any and all liabilities incurred by the company An entrepreneur may choose this option if they want to retain full control of the company . Additionally it is a relatively easy and inexpensive process to establish a sole proprietorship.

4. PARTNERSHIP As the name states a partnership is a business owned by 2 or more people , known as partners . Partnerships are able to take advantage of flow –through taxation . This means that income is treated as the owners’ incomes so it is only taxed once. Owners in partnership are responsible for the liabilities in firm They are different types of partnerships namely general partnership, limited partnership and limited liabilities partnership.

5. LIMITED LIABILITY COMPANY Are one of the most flexible types of business. LLC combine aspects of both partnership corporations . They retain the tax benefits of sole proprietorships and the limited liability of coporations . In LLCs, the company exists as its own legal entity. This protects the owners of the LLCs from being personally liable for the operations and debts of the business.

6. CORPORATION Are separate legal entity created by shareholders . Incorporating a business protects owners from being personally liable for the company’s debts or legal disputes . In sole proprietorships and partnerships , if one of the owners passes away or declares bankruptcy, the company is dissolved . Coporations exist as a legally separate entity . Therefore they are protected from this situation and will continue to exist even if the owner of the business passes away.

7. WAYS OF GETTING INTO BUSINESS

8. INDEPENTLY SELL FOR A BRAND THAT PEOPLE ARE FAMILIAR WITH This is one of the easiest ways to be your own boss . This is what a lot of insuarance agents and real estate agents do. One can open his or her office at some point , set your own hours and live a “be your own boss life style “ while associated with a brand tht people are more familiar with. The good thing about this is you don’t have to start from scratch.

9. Freelance or consult This is using your knowledge and skills and brand to make money . You don’t need a lot of start up cash If you have knowledge you start your business as a freelancer or consultant

10. Franchis e Another way to be your own boss with the help of an established brand is to buy a franchise. You have access to highly recognised brands if you can afford to buy into the franchise. Many franchise help you set up with advertising and more. One should be away that he or she might have to adhere to specific requirements as part of owning a franchise

11. Start A Service Business In your Community Look around in your community is there a need you can fulfil . From daycare to dogwalking , they are plenty of service oriented needs. You can start a service business tutoring , doing handyman work , or anything that people don’t want to do and are willing to pay someone else to do.