A business owned and run by one person

A business owned and run by between 2-20 partners (unlimited liability)

Sells shares to family and friends, limited liability

Sells shares on stock exchange, limited liability, publishes accounts

 Selling the right to use a brand name and operating format

Anyone with an interest in a business

Where personal possessions are at risk

Where the shareholders can only lose the amount they have invested

Specialized, one-off products, skilled labour

Items produced in batches, more efficient, can produce more

Items produced on a mass scale, can benefit from economies of scale

Price, Product, Place, Promotion