Good evening, mine sitters! Welcome to Mine Ed Learn, the show proudly sponsored by McMillan. You are tuning in now with myself, Deborah Precious, and Dave. How are you? I'm doing well, thank you. Tomorrow is Women's Day, so let's talk about our favorite women. I have to start with my mother. She carried me for nine months, supported me throughout school and sports, and was always there for me. She's my favorite woman. How about you? Well, she did discipline me along the way, but I believe it made me a better person today. Now, mine fitters, don't forget to post your questions and comments on our Facebook page, facebook.com/learnextra or mindsetlearn.co.za/lives. Today, we will be discussing business studies. Let's start by talking about business ownership, the different types of ownership, and the factors that contribute to success or failure. Now, onto the five different types of ownership: sole proprietorship, partnership, closed corporation, private limited company, and public limited company. So, in today's lesson, we will review the importance of choosing the correct form of ownership for a business. The sole proprietorship is when one person runs the business. It's important to note that even though there's only one owner, there can still be employees working under them. To start a sole proprietorship, you only need a trading license. However, there is unlimited liability, meaning if the business goes into debt, the owner's personal assets can be taken away to settle the debts. Another key point is that there is no legal entity for the sole proprietorship. The owner and the business are seen as one. On the positive side, the owner receives all of the profit. That's it for now. Don't forget to download the notes and continue learning about business ownership.
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Video instructions and help with filling out and completing Which Form 8865 Ownership
