Unit 1 business and the business environment l/508/0485 table of contents



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UNIT 1 BUSINESS AND THE BUSINESS ENVIRONMENT
Transport For London (TFL): TFL is a local government body responsible for the transport system in greater London and controls the majority of public transport system, including the Buses, Underground, Buses, Tramlink, the Docklands Light Railway, London River Services and the London Over ground.
The Military: The military is under the control of the Government of the United Kingdom, this system is responsible for security of the United Kingdom. Serving as a protection for the citizens and making sure law is abided and peace is maintained in the country. Giving the Citizen a mind-set of safety and restriction against crime.
Others include, the Schools and colleges; local councils among others. These organisations are non-profit making organisations and rather are meant to serve the public.
Private or for profit Organisations
Private organisations are privately owned businesses that are self-sustaining and established on federal property by people that are not acting in a federal government capacity. This form of organisation are owned and managed by private individual or a group of individuals and it is neither controlled by the state or country. The main aim of establishing a for profit organisation is to generate revenue and create profit. They are in business to provide different goods and services to their target markets and different customers. Types of private or profit organisations are partnerships, sole proprietorship, private limited company and public limited company.
Sole proprietorships: These are individuals who are the exclusive owners of a business, entitled to keep all profits after tax has been paid but liable for all losses; also known as sole traders. A sole owner or trader has full control over the business but lack of liability protection is one of the major disadvantages of being a sole trader. This type of business may or may not be registered with the Companies House. Examples of sole trader businesses in the United Kingdom are: Barber shops, corner shops, Local restaurants, local supermarkets etc.
Partnership: A partnership is an arrangement where two or more parties, known as partners; they agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, interest-based organisations, businesses, schools, governments or combinations. Partnerships organisations are to be legally registered and pay tax always. Small businesses such as retail, and professional practitioners, are categorised as partnerships. Partnership is founded and majors on agreement and this agreement may be oral or written. Thereby, to avoid unclarity, the agreement should be written and documented for reference or future purpose.
The partnership agreement should identify who the partners are; their respective businessā€related duties, roles and responsibilities; the criteria for additional investments and withdrawals in the future; how the income will be shared; guidelines for adding partners, the withdrawal of a partner, and liquidation of the partnership. John Lewis Partnership, sands films, KPMG professionals etc. are examples of partnerships organisations in the UK.

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