Bankruptcy happens because someone ignored the problem.
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Bankruptcy is essentially an inability to meets one’s financial commitments as they become due. Public stereotypes of bankruptcy are often negative and associated with failure, poor financial management and can often lead to the individual being stigmatised by family and friends. It must be stressed however that many people face bankruptcy for a host of [...]
The key factors to consider if choosing a franchise structure for your business
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Franchises A franchise is not a legal structure but is a business model that can operate under one of the legal structures, ie as a sole trader, or type of partnership or limited company – see these pages for examples and examination: sole trader partnerships private companies Buying a ‘franchise‘ is a way of taking [...]
What is a partnership?
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Partnerships There are three types of partnership: ‘ordinary’ partnerships limited partnerships limited liability partnerships (LLPs) Common features of all types of partnership All three types of partnership have the following features in common: two or more persons – ie the partners – share the risks, costs and responsibilities of being in business a partner can [...]
What is a company?
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Private companies There are broadly two types of private company: private limited company private unlimited company A private limited company may be limited by shares or by guarantee. Common features of private companies In relation to set up and administration, a private company: Must be registered (incorporated) at Companies House. You can register either via [...]
What is a sole trader?
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Sole trader Being a sole trader is the simplest way to run a business – it does not involve paying any registration fees, keeping records and accounts is straightforward, and you get to keep all the profits. However, you are personally liable for any debts that your business runs up, which make this a risky [...]
Definition of a Business Format Franchise
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For a business to be considered to be a offering a genuine franchise opportunity it has to meet the criteria of being a genuine Business Format Franchise. The following defines the characteristics of such a business. The Franchisor should have registered, protected and secured the Intellectual Property Rights in relation to their brand. This, then [...]
We’ve identified 10 categories as the industries to watch in 2011.
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The future of franchising is looking bright: Figures in the last full year reported that 10.5% of all businesses with paid employees were franchises, the latest data, and that they grew further and generated a staggering annual sales. Where is franchising headed next? We’ve identified 10 categories as the industries to watch in 2011. Whether they’re [...]
