Types of business ownership Escape Room

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Types of Business OwnershipEscape room

Joint Ventures

Co-operatives

Franchises

Corporations

Partnerships

Sole Proprietor

Complete the activity for each lesson and achieve UBO 2.1

Escape Education

a business that only repairs shoes

a business that only sells fish

a type of business structure where a single individual owns and operates the business.

A sole proprietorship is

Question 01/03

Lesson 01

a popular choice for small businesses and entrepreneurs

a very rare form of business type

expensive to set-up

Setting up a sole trader business is relatively easy and requires minimal paperwork, making it...

01

Question 02/03

always successful

01

usually over six feet tall

personally responsible for all the decisions and actions of the business.

With sole proprietors there is no legal distinction between the owner and the business, and the owner is...

Question 03/03

Continuing

Move on to the next lesson

Perfect, you have passed!

Joint Ventures

Co-operatives

Franchises

Corporations

Partnerships

Sole Proprietor

Complete the activity for each lesson and earn a fantastic diploma

Escape Education

Partner can not bring money and resources to the business

A Partnership would NOT be good for a law firm

Most partnerships are between two and twenty members

A Partnership CAN NOT have more than twenty partners

A partnership is a business where there are two or more owners of the enterprise and...

Question 01/03

Lesson 02

Partners do not have to agree on decisions

Any profits do not have to be shared

There is shared responsibility for debt by the owners

They can raise lots of money by selling shares

Advantages of a Partnership include:

Question 02/03

02

02

Partnerships automaticallly give unlimited liability

UK law say they must

Lawyers are lazy and want to share the work

These services need a wide range of knowledge

Partnerships are often found in businesses that provide a professional service, such as lawyers, doctors and accountancy practices because...

Question 03/03

Continuing

Move on to the next lesson

Excellent, you have passed!

Joint Ventures

Co-operatives

Franchises

Corporations

Partnerships

Sole Proprietor

Complete the activity for each lesson and get a fantastic diploma

Escape Education

False

True

Shareholders own a corporation and are not personally liable for any company debts or claims against the business: they are only liable for what they have personally invested.

Question 01/03

Lesson 03

03

False

True

Corporations are recognised as a separate legal entity from the owners.

Question 02/03

03

True

False

In the UK corporations are either Private Limited Companies (Ltd) or Public Limited Companies (plc)

Question 03/03

Continuing

Proceed to the next lesson

Great, you have passed!

Joint Ventures

Co-operatives

Franchises

Corporations

Partnerships

Sole Proprietor

Complete the activity for each lesson and earn a fantastic diploma

Escape Education

so it fails

as a favour

for free

to allow it trade using the brand / business model

Franchising arises when a franchisor grants a licence (franchise) to another business (franchisee)...

Question 01/03

Lesson 04

support from the franchisor

the model can be ignored

The Franchisee decides everything

It does not cost

The main advantages of setting up as a franchisee include:

Question 02/03

04

Manufacturing

French people

Service businesses

an unprofitable business

Franchising is particularly suitable for...

Question 03/03

04

Continuing

Advance to the next lesson

Perfect, you have passed!

Joint Ventures

Co-operatives

Franchises

Corporations

Partnerships

Sole Proprietor

Complete the activity for each lesson and get a fantastic diploma

Escape Education

Incorrect

Customers

Other businesses

Employees

Correct

Incorrect

Co-ops are owned and run by their members, who can be ...

Question 01/03

Lesson 05

Suma

John Lewis

Arla Foods

05

Incorrect

Incorrect

Correct

Examples of Co-operatives include...

Question 02/03

05

Voice

Ownership

Profits

Correct

Incorrect

Incorrect

Co-operative businesses are run on principles of shared...

Question 03/03

Continuing

Move on to the next lesson

Perfect, you have passed!

Joint Ventures

Co-operatives

Franchises

Corporations

Partnerships

Sole Proprietor

Complete the activity for each lesson and earn a fantastic diploma

Escape Education

Some carpenters make a table

a separate business entity is created by two or more parties, involving shared ownership, returns and risks

A joint venture (JV) is a business arrangement in which ...

Question 01/03

Lesson 06

06

...conflict of interest

...each other's expertise and resources

JV partners benefit from...

Question 02/03

06

...reduces the risk of a growth strategy

...usually fails

...only happens in service industries

...just makes wooden products

A joint venture (JV) business...

Question 03/03

You have completed all the lessons, we have finished

Great!

Perfect, you have passed!

Great!You have passed all the lessons.Now, write up your evidence!

Let's go!

Escape Education

Well done!Now, make sure you complete the AC 2.1 Task Sheet

UBO AC 2.1

Congratulations!

Calderdale College

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