Topic study hub
Business ownership
Study ownership options and evaluate their implications for finance, liability, control and profit distribution.
5
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaGcseBusinessBusiness in the real world
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Syllabus checklist
What you need to know
5 objective pages available
Legal structures2 objectives
- Identify the legal structures available to businesses.
- Explain how sole traders, partnerships, private limited companies, public limited companies and not-for-profit organisations differ.
Benefits, drawbacks and suitability3 objectives
- Analyse benefits and drawbacks of each legal structure, including management and control, sources of finance, liability and profit distribution.
- Explain limited liability and identify which legal structures benefit from it.
- Evaluate suitable legal structures for new start-ups and large established businesses.
Key terms
legalstructuressole traderpartnershipcontrolsources of financelimited liabilityExplainevaluatesuitable
Exam tips
- Legal structures exam tip 1: Use precise subject-specific vocabulary when you explain how to identify the legal structures available to businesses..
- Legal structures exam tip 1: Use precise subject-specific vocabulary when you explain how to explain how sole traders, partnerships, private limited companies, public limited companies and not-for-profit organisations differ..
Common mistakes
- Legal structures common mistake 1: Answer by clearly explaining how to identify the legal structures available to businesses..
- Legal structures common mistake 1: Answer by clearly explaining how to explain how sole traders, partnerships, private limited companies, public limited companies and not-for-profit organisations differ..
Practice preview
- RiverRun Catering serves health-conscious consumers while cutting delivery times; the case evidence includes cash inflow of ?9,138, sales of 628 units, and a 25% change in costs or demand. Which option best applies Identify the legal structures available to businesses?
- QuickFix Repairs serves commuters while opening a second outlet; the case evidence includes net profit margin of ?8,370, sales of 870 units, and a 7% change in costs or demand. Which option best applies Identify the legal structures available to businesses?
- BeanBarn serves tourists while improving quality control; the case evidence includes average order value of ?5,404, sales of 309 units, and a 17% change in costs or demand. Which option best applies Identify the legal structures available to businesses?
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