Business - Types of Enterprise

Is set up to make a profit by selling a product or service

Local organisations such as Baker, Butcher , hairdresser or local shop these organisations operate in a specific local area National organisations such as Woodies, O’Neills, Supervalu, Centra these organisations operate or have branches all over Ireland Global organisations such as McDonald’s, Smith’s and pennies, these are very large and have operations all over the world

provides goods and services Provides employment Boosts economic growth

These include charities and voluntary organisations that provide a range of services and benefits to the community an example of this would be DSPCA

31 local enterprise offices across the country of a range of support and services to people interested in starting up a new business

they give financial support for start-up and expecting enterprises Research and development to help Irish enterprises become more innovative and competitive in international markets They export assistance, including introductions to overseas customers and information about selling an overseas markets

A social enterprise is one that puts people and community out of private and personal gain

social entrepreneurs Ireland SEI SEI is a nonprofit organisation that helps social and entrepreneurs provide financial and practical support

provide services Create and support employment Provides finance for others

A cultural enterprise provides local or national consumers with access to the arts and cultural activities and events in the community

Promote art and culture Create employment Support for the local economy

Culture Ireland, a division of the department of culture, heritage and the Gaeltacht, is responsible for promoting Irish arts worldwide

The arts Council of Ireland is a government organisation with responsibility for developing arts

The sole trader owns and runs their own business. The sole trader is the one who makes all decisions and pries the money in their business. they take all the risk and get all the reward.

Can lose your own property to pay debts

A partnership is a business where between two and 20 people come together to set up and share control of the business. The owners have shared unlimited liability.

Big amount of money usually invested in the business

Financial responsibility/any costs that the business owes

Decide what type of business you want to go into. Find a suitable premises. Register your business unless you want to use your own name and can begin trading immediately. Apply for a license if you need one

The sole trader is liable for old business steps. This can include personal and business assets.

A share of the profit given to shareholders as a return on investment

You only lose what you put into the business

I said, rules and responsibilities for the company I agreed and written down in a partnership deed

How profits are to be shared Will be provided, Duties and tasks of each person within the partnership Rules for new partners. What happens if the business closes down or someone leaves?