Business Studies·Forms of business organisations · NSSCO 2.1
Sole proprietors & partnerships
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Before we choose how to own a business, we ask a simpler question: why does a business exist at all? Some activity aims only to help people, some aims to make a profit, and some exists just to provide a public service. In this lesson we meet those three purposes, then we build the two simplest ways to own a business in Namibia — the sole proprietor with one owner, and the partnership with a small team. We weigh the advantages against the disadvantages of each, meet the danger of unlimited liability, and finally learn to choose the right form for a real situation and to justify our choice.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 2.1):
- Explain the purpose of business activity in terms of the objectives of non-profit making activity, private enterprise, public enterprise
- Describe the main characteristics, advantages and disadvantages of sole proprietors
- Describe the main characteristics, advantages and disadvantages of partnerships
- Analyse the appropriateness of sole proprietors and partnerships to particular circumstances and make a justified choice between them
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.