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Understanding Business Structures

Cristina C M Mitchel

Created on December 12, 2023

This courseware serves the purpose of providing a rich and engaging learning experience that prepares grade 10 students for the intricacies of business organization, encourages critical thinking, and accommodates diverse learning needs through the strategic use of multimedia content.

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Understanding business structures

SOLE TRADERS VS PARTNERSHIPS
Created by Cristina Mitchell December 2023

about this courseware

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The purpose of your courseware is to provide students with a comprehensive understanding of various types of business organizations, emphasizing their importance in business education. The course aims to equip students with essential knowledge about how businesses are structured and organized, a crucial aspect for entrepreneurs and business professionals who must make informed decisions about the legal structure of their enterprises.
The course specifically focuses on preparing students for entrepreneurship by exploring different business structures, such as sole proprietorships and partnerships. Through a combination of videos and PowerPoint presentations tailored for grade 10 students, the course aims to use multimedia to simplify complex business concepts, making them more accessible and understandable for students at the high school level, recognize and address diverse learning styles by incorporating a variety of multimedia elements.

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This departure from traditional lectures and textbooks can make learning more enjoyable and engaging for students and stimulate critical thinking skills by using multimedia content as a catalyst for class discussions and debates. This interactive approach promotes a deeper understanding of the advantages and disadvantages of different business structures. It aims to address diverse learning needs by incorporating features such as subtitles, visual aids, and audio descriptions in multimedia content. learning needs through the strategic use of multimedia content.

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this courseware!

let's Navigate through the courseware together!! You can go to any of these topics by clicking on the buttons ON THE INDEX SLIDE There are videos, within each subtopic. The learner will be able to pause, rewind and fast forward the videos as desired to ensure that the content is covered Most slides have audio and visual information to ensure it appeals to both visual and auditory learners

Index

1. About Courseware

8. Discussion Forum

2. Navigation

9. Quizzes

3. Learning Ojectives

10. Evaluation

4. Sole traders

11. Comparison

12. Extra Resources

5. Ethical Dilemmas for Sole Traders

13. Google Classroom

6. Partnership

14. Contact Teacher

7. Ethical Dilemmas for Partnership

NAVIGATION PANEL

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Tooltip

At the end of this COURSEWARE, grade 10 students should be able to:

OBJEC TIVE 1

OBJECTIVE 3

Compare and contrast sole proprietorships with partnerships

Compare the advantages and disadvantages of sole traders and partnerships

OBJECTIVE 4

OBJECTIVE 2

Critique ethical dilemmas faced by sole traders and partnerships

Critique various business strategies used by sole traders and partnerships

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WHY IS IT IMPORTANT TO KNOW THE FORMS OF BUSINESS?

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CLICK ME TO FIND OUT WHY

Sole traders/ proprietorship

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who is a sole trader? A business structure owned and operated by a single individual.

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WATCH THIS SHORT VIDEO

TO LEARN ABOUT THE CHARACTERISTICS OF A SOLE TRADER

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Conflict of Interest

ethical dilemmas for the sole trader click the dilemma

Financial Transparency:

Decision-Making Autonomy

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Legal Compliance

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The sole proprietor may be faced with a situation where personal interests conflict with business interests. For instance, they might be tempted to prioritize personal relationships or gains over the best interests of the business.

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The lack of a clear separation between personal and business finances in a sole proprietorship can lead to ethical challenges. It may be tempting for the owner to mix personal expenses with business funds, leading to a lack of financial transparency.

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With complete control over decision-making, the sole proprietor may face ethical dilemmas related to accountability. Decisions that affect stakeholders, including employees and customers, may lack the checks and balances present in larger organizations.

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The sole proprietor may face dilemmas related to legal compliance. This could involve issues such as tax evasion, regulatory non-compliance, or engaging in practices that are technically legal but ethically questionable.

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PROS

CONS

Unlimited LiabilityLimited Capital Limited Expertise Workload Limited Growth Potential Dependency on the Owner Risk of Business Continuity Limited Resources for Innovation

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Ease of FormationDirect Control Profit Retention Flexibility Privacy Tax Benefits Cost Efficiency Closer Customer Relationships

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WHAT IS UNLIMITED LIABILITY

WATCH THIS TO LEARN MORE!!

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business strategies used by sole traders

Audio

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Innovation and Creativity

Importance of entrepreneurial qualities

Job Creation

Economic Growth

Join the discussion

Social Impact

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share your thoughts and ideas

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Unleash your knowledge! It's

partnerships

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WHAT IS A PARTNERSHIP?

  • A business structure in which two or more individuals share ownership, responsibilities, and profits.
  • Partnerships can be general (where all partners have equal responsibility) or limited (where some partners have limited liability).

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characteristics of a partnership

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CONS

PROS

Ease of FormationShared Responsibility More Resources Tax Benefits Flexible Management: Easier Decision-Making Profit Sharing

Unlimited Liability: Conflict Potential:. Shared Profits: Limited Capital: Risk of Dissolution: Dependency on Partners: Limited Life: Limited Ability to Attract Talent

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WATCH THIS SHORT VIDEO

TO LEARN MORE ABOUT PARTNERSHIPS

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Ethical Dilemmas in Partnerships

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Conflict of Interest

Unequal Contribution and Distribution

Competing Business Ventures

Lack of Transparency

Business Integrity and Honesty

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GO TO YOUR GOOGLE CLASSROOM TO join the discussion

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General Partnership

Types of partnerships

Limited Partnership

Limited Liability Partnerships

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click FOR MORE INFO ON partnerships!

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differences between a sole trader and a partnership

Decision-making

Sole trader makes decisions independently; partnership involves joint decision-making.

Liability

Ownership

Sole trader has unlimited personal liability; partnership shares liability among partners.

Sole trader has a single owner; partnership has multiple owners

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Unleash your knowledge! It's

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Legal and Regulatory Requirements for Partnerships

TO JOIN THE DISCUSSION

Partnership Agreement

Business Names Act

Business Registration

Financial Records and Audits

Taxation and Reporting

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let's recap

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thanks for viewingDon’t forgetto publish!

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click for your summative assessment

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evaluate this courseware

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Got an idea?

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  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.

Got an idea?

Let the communication flow!

With Genially templates, you can include visual resources to wow your audience. You can also highlight a particular sentence or piece of information so that it sticks in your audience’s minds, or even embed external content to surprise them: Whatever you like! Do you need more reasons to create dynamic content? No problem! 90% of the information we assimilate is received through sight and, what’s more, we retain 42% more information when the content moves.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.

Got an idea?

Let the communication flow!

With Genially templates, you can include visual resources to wow your audience. You can also highlight a particular sentence or piece of information so that it sticks in your audience’s minds, or even embed external content to surprise them: Whatever you like! Do you need more reasons to create dynamic content? No problem! 90% of the information we assimilate is received through sight and, what’s more, we retain 42% more information when the content moves.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.

Got an idea?

Let the communication flow!

With Genially templates, you can include visual resources to wow your audience. You can also highlight a particular sentence or piece of information so that it sticks in your audience’s minds, or even embed external content to surprise them: Whatever you like! Do you need more reasons to create dynamic content? No problem! 90% of the information we assimilate is received through sight and, what’s more, we retain 42% more information when the content moves.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.

Got an idea?

Let the communication flow!

With Genially templates, you can include visual resources to wow your audience. You can also highlight a particular sentence or piece of information so that it sticks in your audience’s minds, or even embed external content to surprise them: Whatever you like! Do you need more reasons to create dynamic content? No problem! 90% of the information we assimilate is received through sight and, what’s more, we retain 42% more information when the content moves.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.

A sole trader, also known as a sole proprietorship, refers to an individual who owns and operates a business as a self-employed entity. Sole proprietor is a self-employed person who is also the exclusive owner of a business. The individual is entitled to all business profits of the business after tax has been paid and is personally responsible for all losses.