Business organisations

... are types of business that are owned and controlled by one person.

• Franchises

• Sole traders

• Partnerships

In ... partnership, all of the partners actively run the business and are liable for company debts.

• a limited

• public

• an unlimited

In a ... partnership, at least one of the partners in the business must have unlimited liability.

• a limited

• an unlimited

• a private

Public limited companies are usually large, well-known businesses, set up by at least two ...

• franchisees

• shareholders

• members

... are voluntary business organisations that are owned, controlled and operated by their members.

• Partnerships

• Cooperatives

• Franchises

As a company grows, it can take advantage of ....

• acquisition

• joint venture

• economies of scale

This means it can reduce the ... costs of production, for example by buying raw materials in ...

• unit / bulk

• merger / unit

• merger / bulk

• acquisition / unit

Companies can increase their size in two ways: ... growth when a company uses its own resources to expand; ... growth is when a company grows rapidly through integrating with other organisations.

• internal / external

• external / internal

• horizontally / vertically

• vertically / horizontally

This rapid growth can be through a ..., where two or more businesses join together to form one company, or an ... where one business buys another business.

• merger / external

• merger / acquisition

• joint-venture / merger

• internal / external

Companies that integrate can be in the same market or different ones. Businesses at the same stage of the production chain can integrate ... .

• vertically

• horizontally

• internally

• externally