Introduction
Good day students, the topic for today is 'Types of Businesses'. This topic will help you to understand how many types of businesses there are and their operations. This content can also assist you in the future if you decide to establish a business. You will be able to do so because of your understanding of how each business operates.
Business refers to an enterprising entity or organization that carries out professional activities. There are different types of businesses to choose from when forming a company, each with its own legal structure and rules. Typically, there are four main types of businesses: Sole Proprietorships, Partnerships, Limited Liability Companies (LLC), and Corporations.
Task
After gathering knowledge about the different types of businesses, you should now be able to complete the following activities below.
Name: Grade:
Date: April , 2023
Business Ownerships
Secondary Teachers
Activity 1
Circle the most appropriate response to the questions. (10marks)
1. What kind of business is BEST described by these statements?
I am the only owner of my business.
I take all the risks of doing business.
I keep all the profits.
a. proprietorship
b. corporation
c. partnership
d. cooperative
2. In a corporation, owners share profit, but liability is limited to -
a. investment
b. distribution
c. theft
d. production
3. What is a disadvantage of partnerships?
a. ease of formation
b. owners share responsibilities
c. limited liability
d. possibility of personality conflict
4. Easy to start, Owner is his/her own boss, Owner keeps all the profits - These are advantages of what type of business
a. Franchise
b. Corporation
c. Partnership
d. Sole Proprietorship
5. What type of business consists of two or more people?
a. Sole Proprietorship
b. Partnership
c. Corporation
d. Franchise
Activity 2
1. In groups of four, select one business type and demonstrate how it is owned and operated.
|
Mark Scheme |
Marks |
|
Content |
10 |
|
Creativity |
5 |
|
Organization |
5 |
|
Evidence of Teamwork |
3 |
|
Language |
2 |
|
Total |
/25marks |
Activity 3
CASE STUDY
Using the case study, answer the following questions.
Tanya Taylor’s choice of business
Having received her law degree and completed her training, Tanya Taylor was recently accepted to the Bar Association. Tanya is now optimistic, with a number of grand ideas to implement when she starts her own firm practising corporate law. She has managed to gather some funds which she thought would be sufficient for start-up. However, as Tanya started doing the necessary paperwork she realised that she would have a shortfall in start-up capital if she needs to pay the rent, buy office furniture and pay utility bills and her secretary.
This situation is now causing Tanya to think twice about starting a business and she is beginning to think she will probably just continue working for her current employer. While she is trying to figure out her next move, Kayan, a friend from law school, calls her to see how she is doing after graduation. Tanya relays her situation to her and Kayan decides to pool some funds to lend to Tanya at the end of the month.
A week later, Kayan calls to say that another friend is interested in the business and suggests that instead of lending Tanya the money they would want to come on board and start the business together. The idea sounds good to Tanya and so she agrees.
Questions
1. What type of business was Tanya going to establish initially? (1 mark)
2. What would have been three (3) advantages and three (3) disadvantages of starting that type of business? (12 marks)
3. Based on the fact that her friends are coming on board, which type of business would be the most suitable, bearing in mind the service that they are offering? Give three (3) reasons for your choice. (8 marks)
4. Outline one (1) benefit and one (1) drawback to Tanya if she had opted to take the loan instead of going into business with her friends. (4marks)
Process
Process
Students are asked to type the answers to the activities into a word document and create a video demonstrating the different types.
Resources
If you need additional information on additional understanding of business types, the links below will take you to YouTube videos and other resources that go into detail about the topic and maybe useful for your assigned tasks.
(128) Business Structure - Choosing the right Structure for your Business - YouTube
(128) Forms of Business Ownership - YouTube
(128) Types of Business Organizations - YouTube
Evaluation
|
|
Beginner 0-59 |
Intermediate 60-79 |
Exemplary 80-100 |
Score |
|
Multiple Choice Questions |
Learner achieved under 5 marks for questions. |
Learner achieved 5-7 marks on multiple choice. |
Learner achieved 8-10 marks on multiple choice. |
|
|
Presentation |
Learner rarely provides meaningful answers, if at all. Further learning of topic is required. |
The presentation demonstrates a medium level of understanding of the business type selected. |
Mastery of the topic shown in the presentation. |
|
|
Case Study |
Learner attempted the question but did not provide thorough understanding of the topic. |
Learner has a basic understanding of the case provided. |
Learner demonstrated a level of high competency of the case study. |
|
Conclusion
Thank you to everyone who has made it this far. I hope that this lesson in learning about the types of businesses and their advantages and disadvantages has proven to be enlightening for you all.
Credits
Mrs. Renee Reynolds-Mcnish
Ms. Karlene Smith
Ms. Tashayla Mckenzie
Ms. Shaneil Bryce
Ms. Trudy-Ann Dillion
Mr. Justin Bailey
Author Adam Hayes
Hayes, A. (2022, October 31). What is a business? understanding different types and company sizes. Investopedia. Retrieved from https://www.investopedia.com/terms/b/business.asp
Teacher Page
by Mrs. Renee Reynolds-Mcnish
Ms. Karlene Smith
Ms. Tashayla Mckenzie
Ms. Shaneil Bryce
Ms. Trudy-Ann Dillion
Mr. Justin Bailey
A basic web quest for Principle of Business