LO1 - Understand different types of business organisations

2. LO1 - Understand different types of business organisations • For a level 2, you have to demonstrate your knowledge of these different business structures: • A sole trader • A Partnership • A Private Limited company (Ltd)

3. LO1 - Understand different types of business organisations • Just write an outline • This means write about the mainfeatures of each of the 3 structures. • Do not write about the advantages and disadvantages as that is the evaluation needed for a level 3.

4. Referencing • The standard and quality of your written work will most certainly improved if you support your ideas with ideas other authors have written.

5. Referencing For example: I cut and pasted this entire paragraph from the website Businesscasestudies.co.uk The sole trader is the most common form of business ownership and is found in a wide range of activities (e.g. window cleaning, plumbing, electrical work, busking). In the UK about 20% of sole traders operate in the construction industry, a further 20% in retailing, and about 10% in finance, and 10% in catering.

6. Referencing • Now you might think this sentence would be perfectly fine to use in your assignment • BUT IT IS NOT. • Do not take whole paragraphs from a book or the internet and pass the text off as your own work. This is called PLAGIARISM.

7. What you have to do is carefully use the information to enhance your own ideas. Have a look at this. My sentence Reference A sole trader owns runs and manages their own business. Businesscasestudies.co.uk (2013) suggests that a sole trader is the most common form of business structure found in the UK.

8. Using more than one source I like the section about the typical types of sole trader business but instead of using the Businesscasestudies reference again, I searched on the internet for the same type of information. Here is the remaining part of my sentence: Reference My sentence Any individual with a business idea can set up as a sole trader. Learnmanagement2.com (2013) lists the most common types of sole trader as plumbers, builders, internet entrepreneurs, beauticians, market traders, grocers and butchers.

9. This is what you need to start doing in all of your assignments on the Access course Oh and don’t think about using my sentences in your assignments, that would be PLAGIARISM.

10. LO1 - Understand different types of business organisations For a level 3 – you have to evaluate the • Sole trade • Partnership • A Private Limited company (ltd) • Do not write about limited or unlimited liability here – that’s in another learning outcome

11. LO1 - Understand different types of business organisations • You need to go into detail about the advantages and disadvantages of each structure • however you could consider evaluating by comparing the structures. Have a look at this:

12. Reference When a sole trader starts their business they have to fund the capital that is invested in their own business. This is not a problem is the sole trader has access to funds. Partnerships also have greater amounts of capital than sole traders because there are more people to introduce funds. However in In comparison a limited company has greater potential to raise more capital. Lawpack.co.uk (2013) explains that in comparison capital can be raised with relative ease in a limited company because there are usually more investors who can buy shares for a given price in exchange for owning part of a limited company. Indeed Everymanlegal.co.uk (2013) states that since the 2006 Companies Act it has become easier to issue shares. This is because directors of limited companies can now allot shares without shareholder approval.