Choosing the Right Legal Structure for the Business

Business Legal Structure

Aims

• To know the difference between sole trader, partnerships, Ltd & Plc’s.

• To be aware of the benefits and drawbacks of legal structures.

• To be aware of not-for-profit businesses.

What business structures do you know of?

• Eastenders….

• There are 20 businesses in Albert’s Square… can you name them all?

On a whiteboard name me as many as

you can think of!

Eastender’s Places!1. Pat’s Cabs2. Car lot3. Surgery4. Community Centre5. Queen Vic6. Minute Mart7. Launderette8. The Arches9. Booty (Nail bar)10. Argee Bhajee (restaurant)11. Post Office12. Bookies13. Beales Plaice14. Park Café15. R&R (nightclub…was E20

& Angie’s Den)16. Kathy’s Café17. Police Station18. Walford East Tube Station19. Allotments20. Bridge Street Market stalls

Syllabus – you need to know

• Sole Trader

• Partnerships

• Ltd

• Plc

• Not for Profit

• Franchise – we’ll deal with this later!

Video clips

Real ‘small’ businesses ….

Worksheet

Examples of ‘Not for Profit’ businesses…• Big Issue • Wikipedia• Exam boards• Charities…• National Trust• Greenpeace• Eden project• Jamie Oliver’s Fifteen restaurant!

Plenary….

Going back to Eastenders…. Can you identify each different business structures?

Eastender’s Places!1. Pat’s Cabs2. Car lot3. Surgery4. Community Centre5. Queen Vic6. Minute Mart7. Launderette8. The Arches9. Booty (Nail bar)10. Argee Bhajee (restaurant)11. Post Office12. Bookies13. Beales Plaice14. Park Café15. R&R (nightclub…was E20

& Angie’s Den)16. Kathy’s Café17. Police Station18. Walford East Tube Station19. Allotments20. Bridge Street Market stalls

Name me at least one business for each category…

Sole Traders Partnerships

Ltd Plc

Not for Profit Public Sector

Name me at least one business for each category…

Sole TradersBooty

Pats Cabs

Partnerships Surgery

Argee Bajhee

LtdMinute Mart

Plc

Not for ProfitBig Issue seller

Allotments

Public SectorPolice Station

Underground

Community Centre

Homework

Complete the Definition sheet

This will help you for revision

Definitions sheet