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A LTD can become a PLC when it has £50,000 in share capital. The business can then be floated on the stock market. This provides finance for the business to expand. This often requires the business to focus on short term profits.

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This requires little start up capital and shares aren't floated on the stock market. This requires the business to put LTD after its name. This gives shareholders confidence to invest and allows for more capital. This means there are mroe annual costs and accounts must be published.

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This is the legal process a business needs to go through to gain limited liability.

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This means owners aren't personally liable for debts of the business.

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This is where 2-20 people start a business. This allows for additional capitals and skills and also shares the workload. On the other hand you can be affected by partners decisions due to unlimited liabiltiy. There is also a loss of control and shared profits which can lead to disagreements. Trust is vital.

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This is someone who owns and operates there own busienss. These can have employees but make the final decision. They keep all profits and accounts arent published. There is often long hours required and being absent can cause problems.

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This is when the owners are fully responsible for any debts of the business and may be required to sell personal assets. These can be sole traders and pertnerships.

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This sets out how a business will be financed, marketed and put into practice. This is sometimes needed for loans from banks. This gives direction and helps measure success. This should show how the business will be managed and devloped. This helps eliminate failure and shows what skills are missing. This needs to be flexible to adapt to market change.

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This refers to the distribution process e.g transport, advertising and selling. Value can be added through effective marketing.

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This is the manufacturing and assembly process. This involves converting raw materials into comonents and assembling the product. This is where most value is added.

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This is aqquiring raw materials such as coal and oil.

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This applies to written work e.g books and songs but occurs automatically and doesnt require payment.

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This is a sign that distingusihes a product from another. This can be logo, sound or smell.

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This provides a certain amount of time when an invention cant be copied from anyone else. These can cost alot and breaking this isnt a criminal offence. Owners of patents can claim damages through civil courts. Products protected from patents can be used to add value.

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This is someone who has paid to become part of a franchise like McDonalds. This allows you to run your own business using a successful formula. Fracnhisees control recruitment, training and stock management whereas the fracnhise is in charge of decoration, products and uniform. Using a franchise means you are more likely to get a loan and customers will recognise the brand easily. However there isnt much freedom and you dont get to keep all profits.

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These are people who bring new businesses and products into the market. These are usually creative, determined and passionate.  They often receieve grants to encourage them to setup a business. Entrepreneurs create jobs and are able to spot gaps in the market. They may have become an entrepreneurs because they were fired or retired. This could also be to become there own boss. This can be difficult when you are young as you may not be taken seriously so it may be difficult to get funding.