16.0 INTRODUCTION
A firm is a business organization that produces goods or services for sale in order to earn a profit. e.g A local bakery owned by one person.
TYPES OF FIRMS
- SOLE PROPRIETORSHIP: A business owned and operated by a single individual.
CHARACTERISTICS OF SOLE PROPRIETORSHIP
- Simple to establish and operate.
- Owner has full control and receives all profits.
- Unlimited liability, meaning personal assets are at risk if the business incurs debt.
- PARTNERSHIP: A business owned by two or more individuals who share profits and responsibilities.
CHARACTERISTICS OF PARTNERSHIP
- Relatively easy to set up.
- Partners share management and profits.
- Can have limited or unlimited liability, depending on the type of partnership.
- CORPORATION: A legal entity that is separate from its owners (shareholders) and can own assets, incur liabilities, and enter contracts.
CHARACTERISTICS OF CORPORATION
- Limited liability for shareholders, meaning personal assets are protected.
- More complex to establish and operate, requiring adherence to regulations.
- Can raise capital by issuing shares.
- LIMITED LIABILITY COMPANY (LLC): A hybrid business structure that combines the benefits of a corporation and a partnership.
CHARACTERISTICS OF LIMITED LIABILITY COMPANY
- Limited liability for owners (members).
- Flexible management structure and fewer regulations than corporations.
- Profits can be passed through without corporate taxation.
- COOPERATIVE SOCIETY: A business owned and operated by a group of individuals for their mutual benefit.
CHARACTERISTICS OF COOPERATIVE SOCIETY
- Members contribute to the capital and share in the profits.
- Operates democratically, with each member having a say in decision-making.
- Often focused on providing goods or services to members rather than maximizing profits.
- FRANCHISE: A business model where an individual (franchisee) is granted the right to operate a business using the branding and operational model of an established company (franchisor).
- PUBLIC ENTERPRISE: They are Business organizations owned and operated by the government to provide services to the public, funded by taxpayer money.
- PRIVATE ENTERPRISES: Business organizations owned by individuals or groups, aimed at generating profit, operating independently of government control.
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– How to Manage Your Jamb Exam Time for High Scores; https://youtu.be/Tp4Va8haib8
– Physics Notes and Questions on All topics; https://dtwtutorials.com/category/tutorials/physics-tutorials/
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– How to Read, Understand and Remember Always- https://youtu.be/kL8BpRePudA
– How to Cover Your JAMB Syllabus Fast in 30 Days!!; https://youtu.be/RVgyn01Ptd0
– What to do a night before your Jamb Exam (+Exam Prayers); https://youtu.be/njbAx4Oz5Rw
– How to Manage Your Jamb Exam Time for High Scores; https://youtu.be/Tp4Va8haib8
– Overcoming Exam Fear/Anxiety– https://youtu.be/Uvf81rvd0ls
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