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href="../page/21699/unit-2.html" title="Unit 2">Unit 2</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21753/21-functions-evolution-of-hrm.html" title="2.1 Functions & evolution of HRM">2.1 Functions & evolution of HRM</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25388/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21754/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25471/glossary-organizational-structure.html" title="Glossary: Organizational structure">Glossary: Organizational structure</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21755/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24733/glossary-leadership-management.html" title="Glossary: Leadership & Management">Glossary: Leadership & Management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24745/24-motivation.html" title="2.4 Motivation">2.4 Motivation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24719/glossary-motivation.html" title="Glossary: Motivation">Glossary: Motivation</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa 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relations</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21670/unit-3.html" title="Unit 3">Unit 3</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21744/31-sources-of-finance.html" title="3.1 Sources of finance">3.1 Sources of finance</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24501/glossary-sources-of-finance.html" title="Glossary: Sources of finance">Glossary: Sources of finance</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21745/32-costs-and-revenues.html" title="3.2 Costs and revenues">3.2 Costs and revenues</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22092/glossary-costs-revenues.html" title="Glossary: Costs & revenues">Glossary: Costs & revenues</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21746/33-break-even-analysis.html" title="3.3 Break-even analysis">3.3 Break-even analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22270/contribution-analysis.html" title="Contribution analysis">Contribution analysis</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" 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fa-caret-right "></i><a class="" href="../page/44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44338/23-leadership-and-management.html" title="2.3 Leadership and 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International marketing (HL)">4.6 International marketing (HL)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../page/44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management 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<div id="main-column" class="span9"><article id="types-of-for-profit-organizations" style="margin-top: 16px;"><h1 class="section-title">Types of for-profit organizations</h1><div class="row-fluid" style="margin-bottom: 14px;"><div class="span12 scrollToTask shadow" data-target="" style="cursor: default; pointer-events: none"><div class="std-taskbar task-not-done"><i class="fa fa-file fa-fw" style="margin-left: 4px;"></i> Reading task</div></div></div><div class="row-fluid"><section class="span12" id="main-content"><div class="panel panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;"> Types of for-profit organizations (AO3)</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="197" src="../../ib/businessmanagement/images/shops.jpg" width="380"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">This section of the IB Business Management syllabus covers the following types of for-profit (commercial) organizations:</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Sole traders</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Partnerships</span></p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Privately held companies</span></p></li><li><p>Publicly held companies</p></li></ul></div></div></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Sole traders (AO3)</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/sole-trader.jpg" style="width: 300px; height: 205px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">A <strong>sole trader </strong>(also known as a <strong>sole proprietor</strong>) is a commercial for-profit business owned by a single person. Although this person can employ as many people as needed, the sole trader is the only owner of the business.</span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Advantages of sole traders / sole proprietors</span></h5><p>The advantages of setting up a business as a sole trader (or sole proprietor) as a type of for-profit (commercial) organization include:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">It is the quickest and easiest type of business to set up. Sole traders can avoid complicated and costly set-up procedures.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The owner receives all of the profits if the business succeeds.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Sole traders are likely to be highly motivated as the owners have a sense of achievement from running their own business and can keep all of the profits made.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The sole trader (owner) has complete control without having to consult with or be accountable to others.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Hence, decision-making is also swift as the owner does not have to consult anyone else and seek their permission to execute a decision.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The sole trader enjoys privacy as it only needs to publish its financial accounts to the tax authorities (rather than to the general public like a publicly held company). For example, sole traders in Hong Kong only need to submit paperwork for the Inland Revenue if their annual sales revenue exceed HK$2m (around US$260,000). Similarly, sole proprietors in the UK are able to complete their own business tax returns without the formal requirement of final accounts being externally audited.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The owner can benefit from tax advantages. As a small business, many sole traders work from home, so can claim tax concessions by using part of their home for business purposes.</span></p></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Disadvantages of sole traders / sole proprietors</span></h5><p>However, there are some potentially significant disadvantages of being a sole trader too. These include:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The finance to set up and run the business is generally provided by the owner (from personal savings) as s/he cannot easily access external sources of finance.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The sole trader accepts all the risks of owning and running their own business, including any losses made or even the collapse of the organization.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The workload for a sole trader can be extremely high. There is no one else to share ideas or to ask questions, so all pressures, burdens and responsibilities fall on the owner. This means the sole trader often has to work very long hours.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Legally, a sole trader is treated as the same legal entity as the business, i.e. it is an <strong>unincorporated business</strong>. This means the sole trader has <strong>unlimited liability</strong> so is responsible for any debt owed to other individuals or organizations, even if this requires the owner to pay the debts from their personal belongings and assets.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">There is a lack of continuity in the operations of the business if the owner is unwell, wishes to take a holiday or wants to retire. The latter is a main reason why many sole trader businesses struggle to continue.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">As sole proprietorships are usually small businesses (such as a small convenience store owner), they are unlikely to be able to gain any economies of scale, perhaps because they cannot buy their materials or stocks (inventory) in bulk. This means sole traders pay more for their goods, their prices charged to customers also tend to be higher. By contrast, larger business (such as supermarket chains) <span style="font-family:arial,helvetica,sans-serif;">gain these cost-saving benefits, </span> so are able to charge much lower prices due to their ability to exploit economies of scale.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Since access to external finance is difficult for most sold traders (because they represent a high degree of risk), expansion of the business is difficult.</span></p></li></ul><hr class="hidden"><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> To review your understanding of this topic, watch this informative video about sole proprietorships.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/Qp9teuaKcyc" title="Business Organizations: Sole Proprietorship" width="640"></iframe></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(103, 7, 124);"> </span> ATL Activity 1 (Research skills) - Business bankruptcies</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="188" src="../../ib/businessmanagement/images/bankruptcy.jpg" width="309"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Read this interesting article from the BBC, which outlines the reasons for the collapse of 580,000 sole traders in the UK (in a single year!) Click the link <a href="https://www.bbc.com/news/business-48910151">here</a>.</span></p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Exam Practice Question - Flowers by Cam</span></span></h5><p><img alt="" src="../../ib/businessmanagement/images/florist.jpg" style="width: 280px; height: 187px;"></p><p><em>Flowers by Cam</em> is a small business in London, UK. It was set up as a <strong>sole trader</strong> in 2010 by Cam Tran. At the time, she had three young school-aged children, and operated her business from home and a small stall that she rented at a local market.</p><p>The business relies on repeat customers in the local area, but also prepares bespoke flower arrangements for weddings, funerals, graduations, and special occasions. Sales fluctuate on a weekly basis, but she enjoys the flexibility of being able to work from home when needed. Now that her children have graduated from high school and university, she is keen to expand the business. However, with the devastation of the coronavirus pandemic in the UK, her business has struggled with liquidity issues and she is seeking to borrow a significant amount of money from her bank. Valentine's Day should have been her busiest day of the year in 2021, but with national lockdowns still in force, sales were the lowest they have been since she set up <em>Flowers by Cam</em>.</p><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:66px;"><p>(a)</p></td><td style="width:482px;"><p>Define the term <em>sole trader</em>.</p></td><td style="width:94px;"><p><em>[2 marks]</em></p></td></tr><tr><td style="width:66px;"><p>(b)</p></td><td style="width:482px;"><p>Explain <strong>one </strong>advantage and <strong>one </strong>disadvantage of establishing <em>Flowers by Cam</em> as a sole trader.</p></td><td style="width:94px;"><p><em>[4 marks]</em></p></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p>(a) Define the term sole trader. <em>[2 marks]</em></p><p><span style="color:#FF0000;">A sole trader (or sole proprietor) is a type of business structure that is owned and run (controlled) by one person, although s/he can employ staff. Hence, all profits made by the business (if any) belongs to the owner. There is no legal distinction between the owner and the business itself, so the owner has unlimited liability (legal and financial responsibility for all losses and debts). </span></p><p><span style="color:#FF0000;">Award <em>[1 mark]</em> for an answer that shows some understanding of the term <em>sole trader.</em> </span></p><p><span style="color:#FF0000;">Award <em>[2 marks]</em> for an answer that shows good understanding of the term <em>sole trader</em>, similar to the example above.</span></p><hr class="hidden"><p>(b) Explain <u>one</u> advantage and <u>one</u> disadvantage of establishing <em>Flowers by Cam</em> as a sole trader. <em>[4 marks]</em></p><p><span style="color:#FF0000;">The advantages of setting up the business as a sole trader could include:</span></p><ul class="branded"><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">It is the quickest and easiest type of business for Cam Tran to set up. She can avoid complicated and costly set-up procedures, especially because at the time she had to also care for her three young children.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Cam Tran gets to receive all of the profits of the business during prosperous trading times.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">She is likely to be highly motivated as the owner of <em>Flowers by Cam,</em> and gains a sense of achievement / high self esteem from owning and running her personal business.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">She is her own boss - that is, she maintains complete control of the business, without having to consult with or be accountable to others.</span> D<span style="font-family:arial,helvetica,sans-serif;">ecision-making is swift as Cam Tran does not have to consult anyone else and seek their permission to execute a decision.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">She can enjoy privacy the financial accounts only need to be shared with the Inland Revenue (UK tax authorities) rather than with the general public as there are no shareholders.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Cam Tran may also benefit from tax advantages as she operates some of her work from home, so can claim tax concessions from using part of their home for commercial purposes.</span></span></p></li></ul><hr class="hidden"><p><span style="color:#FF0000;">The disadvantages of setting up the business as a sole trader could include:</span></p><p><span style="color:#FF0000;"></span></p><ul class="branded"><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">She must accept all the risks of owning and running her own business, including any losses made or even the possible collapse of the business (given the aftermath of the coronavirus pandemic on local, small businesses).</span></span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The workload for the owner can be extremely high. There is no one else to share her ideas with or to ask questions, so all pressures, burdens and responsibilities fall on the owner herself. This means Cam Tran often has to work very long hours, especially when preparing her bespoke flower arrangements for weddings and funerals.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Legally, a sole trader is treated as the same legal entity as the business itself, so as an unincorporated business Cam Tran has unlimited liability. This means she is legally responsible for any debt owed to her suppliers or lenders, even if this requires her to pay the debts from their personal belongings.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">There is a lack of continuity in the operations of the business if the owner is unwell, wishes to take a holiday or wants to retire.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">As a sole trader, <em>Flowers by Cam</em> operates on a small scale, there are limited opportunities to exploit economies of scale. This means that Cam Tran will not be able to gain cost-saving benefits compared to larger florists, resulting in her having to charge higher prices to their customers.</span></span></p></li><li><p><span style="color:#FF0000;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;"></span>The finance to set up and run the business is generally provided by Cam Tran herself (from her personal savings) as she cannot easily access external sources of finance from commercial banks.</span></span></span></p></li><li><p><span style="color:#FF0000;">Similarly, <span style="font-family:arial,helvetica,sans-serif;">access to external finance is difficult for Cam Tran as a sole trader, because she represents a high degree of risk, especially with volatile sales revenue throughout the year. Hence, expansion of the business is difficult.</span></span><span style="color:#FF0000;"></span></p></li></ul><hr class="hidden"><p><span style="color:#FF0000;"><em>Mark as a 2 + 2</em></span></p><p><span style="color:#FF0000;">Award <em>[1 mark]</em> for a suitable advantage, and <em>[1 mark]</em> for a suitable explanation written in the context of the case study.</span></p><p><span style="color:#FF0000;">Award <span style="color:#FF0000;"><em>[1 mark]</em></span> for a suitable disadvantage, and <em>[1 mark]</em> for a suitable explanation written in the context of the case study.</span></p></div></section></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Partnership (AO3)</span></strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/partners.jpg" style="width: 300px; height: 180px;"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">A <strong>partnership</strong> is a commercial business that strives to earn a profit for its owners. It is owned by two or more people.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">For an <strong>ordinary partnership</strong>, the maximum number of partners is usually capped at twenty owners, although this does vary from one country to another. Some organizations can have more than 20 partners, such as law firms and health clinics. Highly specialised professional service providers (such as doctors, solicitors, dentists and accountants) are usually set up as partnerships. Many family-run businesses are also established as partnerships. The owners of a partnership are called <strong>partners</strong>.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The vast majority of partnerships are unincorporated businesses, so at least one of the owners must have unlimited liability. In practice, it is usual for all the partners to share responsibility for any liabilities made by the partnership. In some countries, it is possible to have a limited liability partnership (LLP). Setting up an LLP protects each individual partner from being responsible or liable for another partner’s misconduct or shortcomings.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Most partnerships sign a <strong>Deed of Partnership</strong> (or <strong>Partnership Agreement</strong>) as this helps to resolve potential misunderstandings and disagreements. stating their responsibilities, voting rights, and how profits are to be shared between the owners.</span></p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 1 - Famous partnerships</span></span></h5><p>Examples of famous co-founded partnerships include:</p><ul class="branded"><li><p>Steve Jobs and Steve Wozniak (Apple)</p></li><li><p>Ben Cohen and Jerry Greenfield (Ben & Jerry's)</p></li><li><p>Larry Page and Sergey Brin (Google)</p></li><li><p>Bill Hewlett and Dave Packard (Hewlett-Packard)</p></li><li><p>Gordon Moore and Bob Noyce (Intel)</p></li><li><p>Richard McDonald and Maurice McDonald (McDonald's)</p></li><li><p>William (Bill) Gates and Paul Allen (Microsoft)</p></li><li><p>Reed Hastings and Marc Randolph (Netflix)</p></li><li><p>Bill Bowerman and Phil Knight (Nike)</p></li><li><p>William Procter and James Gamble (Procter & Gamble)</p></li><li><p>Evan Willaims, Biz Stone and Jack Dorsey (Twitter)</p></li><li><p>Sam Warner , Jack Warner , Albert Warner and Harry Warner - (Warner Brothers)</p></li><li><p>Henry Wells and William G. Fargo (Wells Fargo)</p></li></ul></div><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Advantages of partnerships</span></h5><p>The advantages of partnerships as a type of for-profit (commercial) business organization include:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Partnerships can raise far more finance than sole traders, especially as there can be up to 20 partners (subject to the laws in different countries) in the business. <strong>Silent partners</strong> (also known as <strong>sleeping partners</strong>) can provide additional capital without having any role in the actual running of the business.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Having partners enables the firm to benefit from having more ideas and different skills and expertise.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unlike a sole trader, partners can share the burden of their workload and responsibilities.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Hence, unlike a sole trader, partnerships benefit from continuity as the partnership can remain in operation if a partner is unwell or wants to go on a family vacation.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Partnerships can benefit from specialization and the division of labour. For example, a law firm might have partners who specialize in different specialisms, such as criminal law, civil law, business law and tax law.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">As with sole traders, business affairs of a partnership are kept confidential, so only the tax authorities need to know about the financial position of the partnership.</span></p></li></ul><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Disadvantages of partnership</span></h5><p>However, there are limitations to setting up a business as a partnership. These potential drawbacks include:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">As the business has more than one owner, this can easily lead to disagreements and conflict between the owners, which can seriously damage the running of the partnership.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Decision making is slower than with sole traders because there are more owners involved. This can also lead to disagreements and conflicts between the owners</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unlike with a sole trade, the profits made by a partnership must be shared between all the owners.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">In general, partners have unlimited liability so are liable for any debts, fines, penalties or law suits against the business, even if this these were caused by another partner in the firm. However, sleeping partners are exempt from unlimited liability.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Compared to limited liability companies, access to finance is restricted to the finances available from the different partners in the firm. There is no maximum number of owners in limited liability companies, so they can raise finance through their shareholders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">There is no continuity if a partner decides to leave the firm or if one of the partners die. This is because such cases would void the Deed of Partnership. There would be a time delay in setting up a new partnership agreement.</span></p></li></ul><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> To review your understanding of this topic, watch this informative video about partnerships (the IB syllabus does not require you to know about limited liability partnerships).</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/s8vXZTB3618" title="Business Organizations: Partnerships" width="640"></iframe></p></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Privately held companies (AO3)</strong></p></div></div><div class="panel-body"><div><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Companies</strong> (also known as <strong>corporation</strong>) are commercial for-profit businesses owned by <strong>shareholders</strong>. Hence, the profits of a company belong to and are shared among the various owners. As incorporated businesses, the owners have limited liability. <strong>Limited liability</strong> protects shareholders who cannot lose more than the amount they invested in the business. This is because shareholders are not personally liable for the debts of the company should it go into debt or bankruptcy.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In legal terms, there is a divorce of ownership and control as the owners (shareholders) are treated as separate legal entities from those who control and run the business (the board of directors and CEO). It is the board of directors and the CEO (or managing director) who are responsible for the strategic direction of the company.</span></p><p>There are two categories of companies: <strong>privately held companies</strong> and <strong>publicly held companies</strong>.</p><h5><span style="font-family:arial,helvetica,sans-serif;">Features of privately held companies</span></h5><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The shares of privately held companies cannot be advertised for sale nor sold via a stock exchange. Shares are not available on an open stock exchange such as the New York Stock Exchange.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Most privately held companies (sometimes referred to as <strong>private limited companies</strong>)<strong> </strong>are small businesses, with shares typically owned by family, relatives, and friends.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The company and its owners are separate legal entities, i.e., there is a legal divorce (separation) of ownership and control, with the owners (shareholders) appointing a board of directors to run the company on their behalf.</span></p></li><li><p>Owners have limited liability, so if the business experiences a financial collapse, then the owners will only be liable for the capital they invested in the company.</p></li><li><p>The number of shareholders in a privately held company may be limited. In some countries, the maximum number is 50 (Turkey) and in others it is 200 (India). In other countries, like the UK and Switzerland, there is no maximum (source: <a href="https://www.dlapiperintelligence.com/goingglobal/corporate/index.html?t=27-minimum-maximum-number-of-directors-shareholders">DLA Piper</a>).</p></li><li><p>There is usually no legal requirement for the company to publish detailed financial accounts for the general public (this is only needed for corporate tax purposes).</p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">Examples of well-known privately held companies include:</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Dell</span></p></li><li><p>Deloitte</p></li><li><p>Dyson</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Ernst & Young</span></p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">IKEA</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Lego</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Mars</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Pricewaterhouse Coopers</span></p></li></ul></div></div></div><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Advantages of privately held co</span>mpanies</span></h5><p>The advantages of establishing a business as a privately held companies as a type of for-profit (commercial) organization include the following points:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">There is better control of a privately rather than publicly held company, as shares in a privately held company cannot be bought or sold without the agreement of existing shareholders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Significantly more finance can be raised compared with a sole trader (one owner) or a partnership (up to 20 owners).</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Privately held companies have greater privacy compared to publicly held companies; the latter must make their final accounts available to the general public.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Shareholders have limited liability, so cannot lose more than what they invest in the company. Owners are protected against any misconduct or misjudgments of those who run the company.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Unlike a sole trader or partnership, a privately held company can enjoy continuity in the event of the death of a major shareholder.</span></p></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Disadvantages of privately held companies</span></h5><p>However, the potential limitations of being a privately held company include the following :</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Privately held companies can only sell their shares to family, friends, and employees, with the approval of the majority of existing shareholders. This can make it difficult to buy and sell shares in the company.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">They are more expensive to operate than a sole trader or partnership. For example, there are higher legal fees and auditing fees (for checking and approving of the financial accounts).</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A privately held company can become a target for a takeover by a larger company which purchases a majority stake, although other owners have to agree to the sale of the company.</span></p></li></ul><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study 2 - Sibling rivalry: Puma vs Adidas</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="191" src="../../ib/businessmanagement/images/football(1).jpg" width="365"></span></p><p><span style="font-family:arial,helvetica,sans-serif;">Going into business with your own family has both its positive and negative points. Did you know that the founders of <strong>Puma </strong>and <strong>Adidas </strong>were siblings?</span></p><p><span style="font-family:arial,helvetica,sans-serif;">These are two of the world's best known sports shoe companies. However, less known is the fact that both companies came about from a huge conflict between two German brothers. Adolf (Adi) Dassler (1900 - 1978) first produced sports shoes in his mother's kitchen in 1918, after having returned from World War I. He was supported in starting his own business by his father, who worked in a shoe factory. In 1924, his brother Rudolf (Bobby) Dassler (1898 - 1974) joined the business, which Adi had registered as "Gebrüder Dassler Schuhfabrik" (meaning Dassler Brothers Shoe Factory).</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Their business boomed after Dassler shoes were worn by gold-medal-winning Olympians in the 1930s. However, as sales in their business continued to grow, so did the tension and conflict between the two brothers. World War II proved the breaking point in their relationship. By the end of the war, the Dassler brothers had split the company but continued in their own battle in the world of corporate business, with Adi Dassler setting up Adidas (by combining his first and last names) and Rudolf establishing Puma. (Rudolf had initially used "Ruda" before changing the name to "Puma").</span></p><p><span style="font-family:arial,helvetica,sans-serif;">It is documented that the Dassler brothers never spoke to each other again, as they concentrated on building their business empires, with their factories on opposite banks of their home town's river in Herzogenaurach.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">In September 2009, over three decades after the brothers had passed away, the two companies put aside their historical and commercial feud in order face off in a friendly football match. Puma and Adidas continue to thrive as competitors in the sports shoes and sports apparel arena.</span></p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Publicly held companies (AO3)</strong></p></div></div><div class="panel-body"><p><strong>Publicly held companies</strong> (or <strong>joint-stock companies</strong>) are limited liability companies owned by shareholders with the shares in the business being traded (bought and/or sold) on a public stock exchange (or stock market).</p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="105" src="../../ib/businessmanagement/images/stock-exchange.jpg" width="336"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Share prices of companies can go down as well as up</em></span></span></p><h5><span style="font-family:arial,helvetica,sans-serif;">Features of publicly held companies</span></h5><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Also known as a <strong>joint-stock company</strong>, a publicly held company is owned by shareholders. The shares in such companies can be bought and sold by the general public, without prior approval of existing owners.</span></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Shares in a <span style="font-family:arial,helvetica,sans-serif;">publicly held company </span>can be bought and sold via a <strong>stock exchange </strong>(or <strong>stock market</strong>), such as the New York Stock Exchange (NYSE), London Stock Exchange, Tokyo Stock Exchange, and Shanghai Stock Exchange.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="../../ib/businessmanagement/images/nyse.jpg" style="width: 300px; height: 222px;"></span></p><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>The New York Stock Exchange (NYSE)</em></span></span></p><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">When a <span style="font-family:arial,helvetica,sans-serif;">company </span>first sells its shares to become a <span style="font-family:arial,helvetica,sans-serif;">publicly held company</span>, it does so through an <strong>initial public offer </strong>(IPO) via a stock exchange.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">In order to protect shareholders, <span style="font-family:arial,helvetica,sans-serif;">publicly held </span><span style="font-family:arial,helvetica,sans-serif;">companies </span>are strictly regulated and are required to publish their final accounts each year.</span></li><li><span style="font-family:arial,helvetica,sans-serif;">As there is no legal limit placed on the maximum number of shareholders in a <span style="font-family:arial,helvetica,sans-serif;">publicly held company</span>, the company can raise a significant amount of finance so long as it can attract investors.</span></li></ul><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"> <span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case study - the world’s largest IPOs</span></span></h5><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:298px;"><p><strong><span style="font-family:arial,helvetica,sans-serif;">Company</span></strong></p></td><td style="width:98px;"><p align="center"><strong><span style="font-family:arial,helvetica,sans-serif;">Year</span></strong></p></td><td style="width:85px;"><p align="center"><strong><span style="font-family:arial,helvetica,sans-serif;">Amount ($ billion)</span></strong></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">Alibaba.com</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2014</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">25</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">Agricultural Bank of China</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2010</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">22.1</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">Industrial & Commercial Bank of China</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2006</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">21.9</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">American International Assurance</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2010</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">20.5</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">Visa</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2008</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">19.7</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">General Motors</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2010</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">18.15</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">NTT DoCoMo</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">1998</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">18.05</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">Enel</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">1999</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">16.59</span></p></td></tr><tr><td style="width:298px;"><p><span style="font-family:arial,helvetica,sans-serif;">Facebook</span></p></td><td style="width:98px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">2012</span></p></td><td style="width:85px;"><p align="center"><span style="font-family:arial,helvetica,sans-serif;">16.01</span></p></td></tr></tbody></table><p><span style="color:#696969;"><span style="font-family:arial,helvetica,sans-serif;"><em>Source</em>: Bloomberg.com</span></span></p><p><span style="font-family:arial,helvetica,sans-serif;">The largest businesses tend to be publicly held companies. Examples of <span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">such companies</span></span> with a <span style="font-family:arial,helvetica,sans-serif;">global presence </span>include:</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><span style="font-family:arial,helvetica,sans-serif;">Apple</span></li><li><p><span style="font-family:arial,helvetica,sans-serif;">BP</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Facebook</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Google</span></p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p>HSBC</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Samsung</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Toyota</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Walmart</span></p></li></ul></div></div></div></div><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Advantages of publicly held companies</span></h5><p>The advantages of establish a business as a publicly held company as a type of for-profit (commercial) organization include the following points:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">Additional finance can be raised through a share issue (the process of subsequently selling more shares in a company). Hence, it is easier for <span style="font-family:arial,helvetica,sans-serif;">publicly held</span> companies to obtain finance from a stock exchange to fund its growth and evolution by selling additional share capital. In 2010, Brazil’s state oil company Petrobras raised $70 billion, in the world’s largest share issue.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">It is also easier for large <span style="font-family:arial,helvetica,sans-serif;"> <span style="font-family:arial,helvetica,sans-serif;">publicly held</span> </span><span style="font-family:arial,helvetica,sans-serif;">companies </span>to borrow money from bank loans and mortgages, due to their lower level of risk for financial lenders.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">As with privately held companies, the shareholders of publicly held companies enjoy limited liability.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Large <span style="font-family:arial,helvetica,sans-serif;"> <span style="font-family:arial,helvetica,sans-serif;">publicly held</span> </span><span style="font-family:arial,helvetica,sans-serif;">companies </span>get to enjoy the benefits of operating on a large scale, such as opportunities to exploit economies of scale, market share, and market power.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">As with privately held companies, <span style="font-family:arial,helvetica,sans-serif;"> <span style="font-family:arial,helvetica,sans-serif;">publicly held</span> </span><span style="font-family:arial,helvetica,sans-serif;">companies </span>enjoy continuity even if a principal or major shareholder leaves the organization or passes away.</span></p></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Disadvantages of publicly held companies</span></h5><p>The limitations or drawbacks of being a publicly held company include the following points:</p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">There is a lack of privacy because the general public have access to the financial accounts of publicly held companies.</span></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Limited liability companies must produce an Annual Report and Final Accounts, which includes details such as the reporting of profits (or losses) in the Profit & loss account, as well as the assets of the business and where cash has been spent during the last twelve months in the Balance sheet. These final accounts are scrutinised by an external auditor (usually chartered accountants) before the information is distributed to shareholders. As a <span style="color:#FF0000;">legal requirement, t</span>his can be quite an expensive and time-consuming task, especially for larger multinational companies.</span></p></section><span style="font-family:arial,helvetica,sans-serif;"> </span></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Publicly held companies are the most administratively difficult and expensive form of commercial for-profit business to set up and run. For example, there are high costs of complying with the rules and regulations of the stock market.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">As the general public can buy and sell share freely, there is always a potential threat that a rival company will make a takeover bid.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Large companies can suffer from diseconomies of scale. Being too large can cause inefficiencies in the company, and hence higher average costs of production.</span></p></li></ul><div class="greenBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(103, 7, 124);"> </span>Common mistake!</span></span></h5><p>Whilst it is common in many countries for the government or local authorities to own shares in a <span style="font-family:arial,helvetica,sans-serif;"> <span style="font-family:arial,helvetica,sans-serif;">publicly held</span> </span>company, it is technically incorrect to say that a <span style="font-family:arial,helvetica,sans-serif;"> <span style="font-family:arial,helvetica,sans-serif;">publicly held</span> company </span>is "owned by the government".</p><p>The term 'public' in <em>publicly held company</em> (or sometimes called a <em>public limited company</em>) refers to a business that has shares traded on a public stock exchange, i.e., shares in the publicly held company can be bought and sold by the general public. It does not refer to the <a href="399688.html" title="New syllabus 2022 » Unit 1 - Introduction to Business Management » 1.2 Types of organizations » Public & private sectors">public sector</a> (the government).</p></div><p><span class="snippet-fa fa fa-youtube fa-lg" style="color: rgb(202, 72, 26);"> </span> To review your understanding of privately and publicly held companies, watch this informative video about corporations. Please note that the IB syllabus does not require you to know about bond markets.</p><p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/XC_PIy6iL08" title="Business Organizations: Corporations" width="640"></iframe></p><div class="yellowBg"><h5><span class="snippet-fa fa fa-question-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> <span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">True or False Quiz</span></span></h5><p>To test your understanding of publicly traded companies, answer the following true or false questions.</p><table><tbody><tr><td></td><td><strong>Statement</strong></td><td><strong>True or False?</strong></td></tr><tr><td>1.</td><td>Shareholders are the joint owner of the business.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr><tr><td>2.</td><td>Shareholders participate in the day-to-day running of the company.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">False</span></p></section></td></tr><tr><td>3.</td><td>The liability of shareholders is restricted to the capital they invested in the company.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr><tr><td>4.</td><td>The company is a separate legal entity from its owners.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr><tr><td>5.</td><td>The board of directors has decision-making authority within the company.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr><tr><td>6.</td><td>Shares in the company are transferable but require consent of other shareholders.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">False</span></p></section></td></tr><tr><td>7.</td><td>Shares in the company can be bought and sold only through a stock exchange.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr><tr><td>8.</td><td>Any member of the general public can purchase shares in a publicly traded company.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr><tr><td>9.</td><td>There is a lack of ownership and control should a major shareholder sell their stake in the company.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">False</span></p></section></td></tr><tr><td>10.</td><td>The financial statements (company annual accounts) must be made public and are easily accessible.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">True</span></p></section></td></tr></tbody></table></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong><span style="font-family:arial,helvetica,sans-serif;">Key terms</span></strong></p></div></div><div class="panel-body"><div><ul class="branded"><li><p><strong>Companies </strong>(also known as <strong>corporation</strong>) are commercial for-profit businesses owned by shareholders.</p></li><li><p>A <strong>Deed of Partnership</strong> (or <strong>partnership deed</strong>) is a formal partnership agreement or contract between the owners, which includes legal agreements such as the formal responsibilities of each owner, their voting rights, and how profits are to be shared between the partners.</p></li><li><p>An <strong>ordinary partnership</strong> has a minimum of 2 partners and up to twenty owners (although this does vary from one country to another).</p></li><li><p><strong>Partners </strong>are the co-owners of a partnership business.</p></li><li><p>A <strong>partnership </strong>is a commercial (for-profit) business that strives to earn a profit for its owners.</p></li><li><p><strong>Privately held companies </strong>are limited liability companies owned by shareholders but the shares in the business cannot be advertised or traded on a stock exchange.</p></li><li><p><strong>Publicly held companies</strong> (or <strong>joint-stock companies</strong>) are limited liability companies owned by shareholders with the shares in the business being traded (bought and/or sold) on a public stock exchange (or stock market).</p></li><li><p><strong>Shareholders </strong>are the owners of a limited liability company.</p></li><li><p><strong>Silent partners </strong>(also known as <strong>sleeping partners</strong>) are inactive owners of a partnership business, who provide additional capital without having any role in the actual running of the organization.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">A <strong>sole trader</strong> (or <strong>sole proprietor</strong>) is the single owner of a business organization, so makes all the decisions and takes all the risks in running the enterprise.</span></p></li><li><p>A <strong>stock exchange </strong>(or<strong> stock market</strong>) is a marketplace where shares in publicly held companies can be bought and/or sold, such as the New York Stock Exchange (NYSE).</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Unlimited liability</strong> means that if the sole proprietorship fails, the sole trader is personally held responsible for all the debts of the business. 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