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Lesson Plan: Forms of Business Ownership
Description.
In this lesson, students will learn to describe and contrast different forms of business ownership.
Download the lesson plan
Scroll to the related items section at the bottom of this page for additional resources.
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Economic Management Sciences: Forms of Ownership.
Good Afternoon Grade 8's
Today we will be discussing the different forms of ownership within the Business Sector
By the end of this lesson you will be able to:
- Differentiate between different forms of ownership.
- Describe each form of ownership in detail.
- Identify the form based on short scenario's.
Lets begin by mentioning all the forms of ownership in the business sector.
Read the notes below, once you've read the notes below answer the questions in the activity.
Attached you will find a YouTube video on the explanation of each of the Forms of Ownership for a better understanding should it be necessary.
There are four forms of ownership that we'll be looking at for this topic:
- Sole Trader/Proprietor
- Partnership
- Closed Corporation
Lets begin with the Sole Trader
What is a Sole Trader?
This is a type of ownership when only one person owns the business and this is usually their only form of income. This person or owner has complete control over the business in terms of making decisions with regards to the business. A sole proprietor pays income tax and not company tax as all profits are solely for the owner. This form of ownership does not have to be registered. E.g. School Tuckshop.
We now look at a Partnership
What is a Partnership?
This form of ownership consists of two or more people who run the business, each and every partner needs to agree and contribute to the business in order for the business to run. Each partner is entitled to a percentage of the profits of the business but they are also responsible for all debts brought about by the business.
The following form of ownership is a Closed Corporation.
What is a Closed Corporation?
A closed corporation is a business that consists of two to ten members who fall apart of this company. The name of a closed corp. will always end with CC to identify as a closed corporation. With this form of ownership there is limited liability which means that the members are not responsible for the debts of the business. It is easier to open a closed corporation than a company. Closed Corporations are seen as seperate legal entities which basically means it is seen as an individual and can own assets etc.
The final form of ownership we will be discussing is the Company
What is a Company?
A company is form of ownership that consists of two types 1. Public Company and 2. Private Company. A company is run by a board of directors and not a sole owner. There can be one to 50 members or owners of a company. A company like a Closed corporation has limited liability so for this reason the directors are not held responsible for the debts of the company.
Public companies are listed on the JSE this allows the general public to purchase shares within the company and they will then benefit from the profits
Private Companies are the opposite these companies are not listed on the JSE and shares belong to one or a group of members and is not available to purchase by the public. Private company names will always end with Pty LTD.
Youtube Video
https://www.youtube.com/watch?v=7PjaICuCaR0
After reading the Notes above and watching the video if necessary Complete the activity below.
Activity One
- Name the four forms of ownership
- How many members can a Closed Corporation consist of?
- There are two types of companies name the two.
- Provide two characteristics of a Sole Trader/Proprietor
Total: 15 Marks.
Check Answers Below
Activity One
- Sole proprietor, Closed Corporation, Partnership and Company (4)
- Two to Ten members (2)
- Private Company & Public Company (2)
- One owner, no registration needed, can be closed easily, all Profits go to the owner. (Any Two) (2)
2. A
3. B
4. C (5)
Total: 15 Marks
We've reached the end of our lesson I hope you enjoyed the content provided and understand the topic as best possible.
At the end of this lesson you should be able to:
- Describe each form of ownership
- Mention all Forms of ownership
- Differentiate between all forms of ownerships
Do some self study on one of the forms of ownership find an example of a selected form of ownership and research this specific business, identify the characteristics that make this business that specific form of ownership.
http://www.emsstudents.weebly.com/uploads/6/3/6/5/6365205/forms_of_ownership_assmt_wksheet_-memo.pdf
https://www.slideshare.net/nonkululekoS/forms-of-ownership-32065666
https://www.holycrosshigh.co.za/G8EMS_BANK/Grade%208%20Forms%20of%20ownership%20in%20the%20Formal%20sector%20Questions.pdf
YouTube Video
[email protected] : Learners can reach me for any further questions or misunderstanding
Grade 8 EMS Test: Forms of Ownership
This test includes: Partnerships, Closed Corporations, sole proprietors, companies, advantages and disadvantages of different forms of ownership, limited and unlimited liability, legislations, private and public companies. This test includes two case studies with application of knowledge.
(6 pages with questions, memo at the end)
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Good Afternoon Grade 8's. Today we will be discussing the different forms of ownership within the Business Sector. ... Do some self study on one of the forms of ownership find an example of a selected form of ownership and research this specific business, identify the characteristics that make this business that specific form of ownership. ...
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