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Edexcel IGCSE Business Studies 1.2.1 Business ownership types

Practise defining ownership types and explaining how sole traders, partnerships, limited companies and public corporations affect owners.

Syllabus
First assessment 2019
Course
Business Studies 4BS1

Exam points

  • define sole trader, partnership or public corporation from the ownership and control shown
  • explain one benefit of sole trader or partnership ownership for an individual business owner
  • distinguish private and public limited companies using shares, control or liability

1.2.1 Business ownership types question 1

[Maximum number: 3]

Ocean Vibes is a boat tour business located in two tourists resorts in Portugal. During the tours, it collects wildlife research. The idea came from two young scientists, Alfredo and Pedro, who share a passion for the environment, boats and science. Ocean Vibes employs boat tour guides and a sales team in each of the two resorts.

The main goal of Ocean Vibes is to connect tourism with science. It offers dolphin and bird-watching tours to tourists and uses the boat tours to collect research data on the wildlife. Its tour guides are knowledgeable, passionate and respectful of the environment.

Customers can book the boat tours online or in the tourist resorts. They are encouraged to leave reviews on Ocean Vibes' website.
Every month Ocean Vibes provides a boat tour for students and researchers who wish to study the wildlife.

There are many other businesses offering boat tours in Portugal which makes competing in the industry a challenge.

Explain one advantage to an individual of being a sole trader.

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