types of entities 1.2

Private sector

Owned and controlled by private individuals

Public sector

Owned and controlled by government e.g NHS

Sole trader

Business owned and set up by 1 individual

Partnership

Business owned and run by 2-20 individuals

Name 3 elements of a deed of partnership

Profit share, finance contributed by each parter, clause of withdrawal of a parter

Privately held company

Company that can’t sell shares on the stock exchange to general public to raise capital

Publicly held company

Company that sells shares on the stock exchange in order to raise capital

Pubic sector for profit social enterprise

revenue generating business with social objectives at the core of their operations owned by individuals or shareholders

Private sector for profit social enterprise

revenue generating business with social objectives at the core of their operations owned by the government

Cooperative

revenue generating business with social objectives at the core of their operations owned by users, workers or producers

Non for profit social enterprise: non governmental organisations (NGOs)

Private sector, operate for benefit of other rather than for profit maximising