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Private and Public Sector Assignment

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Added on  2020-10-05

Private and Public Sector Assignment

   Added on 2020-10-05

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How business operate
Private and Public Sector Assignment_1
Table of ContentsTASK 1............................................................................................................................................11.1 Private and Public sector..................................................................................................11.2 Different type of ownership..............................................................................................11.3 PEST and SWOT analysis................................................................................................2REFERENCES................................................................................................................................4
Private and Public Sector Assignment_2
TASK 11.1 Private and Public sectorDefinition of Private sectorThe private sector consist of business activity that is owned and run by privateindividuals. These usually includes corporations, both profit and non-profit (Aguilera andCrespi-Cladera, 2016). These businesses can be small firm owned by just one person or largemulti-national company that operates globally. Main motive and goal of this kind of sector is tomaximize the profit.Definition of public sectorThe public sector of an economy is the sector that provides a range of governmentalservices. Organisations under public sector are either fully owned, managed and controlled bycentral, state or local government or partially. This sector overlaps with the private sector inproviding or producing certain goods and services. Basic objective of public sector is to servecitizens of the country rather than make profit.1.2 Different type of ownershipThe most common way to organise a business;Sole proprietorshipA business that is owned by one person. This kind of ownership is owned by one person,who perform most of the roles of the business and owns all the profits, losses and liabilities(Beneito and et. al., 2015). This can be seen most commonly in retailing, services andagriculture. PartnershipPartnership can be defined as a voluntary association of two or more people to act as co-owners of business for profit. Under this two or more individuals share responsibilities and costs.For example; medium to large size organisations. Limited Liability companyA limited liability company is a corporate structure where the owners or shareholders areliable only to the amount they have invested. According to the Companies Act, it is to be treatedas a separate legal entity (Boyd and Solarino, 2016). There are two types of Limited LiabilityCompany; Public limited company and private limited company.1
Private and Public Sector Assignment_3

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