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Browse subjects › Perniagaan › Purpose and Ownership of Business
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Form 4 · Perniagaan · iSchool.myChapter 1: Purposeand Ownership ofBusinessPurpose of business–Provide goods andservicesSatisfy needs andwantsProfit and socialobjectivesBusiness ownership–Sole proprietorship:easy control, unlimited liabilityPartnership: sharedcapital/skills, unlimited liability unless LLPCompany: separate legalentity and limited liabilityCooperative:member-owned for mutual benefitFranchise: usefranchisor brand/systemBusiness size–Micro, small, mediumand largeMeasures: employees,sales and capitalBusiness sectors–PrimarySecondaryTertiaryProfit–Formula: Total revenue− Total cost–Worked example: revenueRM120,000; cost RM90,000–120,000 − 90,000Answer: RM30,000 profitChoosing ownership–Capital needsLiability riskControl and continuityLegal requirements andtax