Business name: Sing Heng Lee Enterprise.
Purpose : The purpose of Sing Heng Lee Enterprise is to sell a wide variety of products for profit.
The ownership style of SHL is a sole trader. This means that it is own and operated by one person. It is a small and local business in Tutong. SHL is a sole trader because it is easy to set up and the owner gets to keep all of the profit
Sing Heng Lee have unlimited liability. This means the owner personal assets are not protected in the event of bankruptcy. The owner has to pays the tax on their personal tax return. Sing Heng Lee is categorize as a tertiary in the business sector because the business sell finished product to customers
Business #2 P1: Business name: Amazon Purpose: The purpose of amazon is to sell and deliver virtual and physical product to online consumer. The company need to make profit to maintain the business Url: Amazon.com, en.wikipedia.org/wiki/Amazon_(company)
P2: The ownership style of Amazon is a public limited company. This mean that the company’s ownership is distributed in many shares of stock to the masses and can be bought and sold by anyone. It is a large and International business.” Amazon is a public limited company because it is a very large business that may have large amount of debts for 1 person to handle, for this reason the share of risk is disperse among the shareholders.” The profits is shared between the shareholders. (Wikipedia, October 4th 2018)
P3: Amazon have limited liability. This mean that the owner personal assets are protected. The company is a legal tax entity separate from its owner. This mean the company itself pays the taxes. Amazon is classified as a tertiary in the business sector because the company sell product to customers worldwide.
Business #3 P1: Business name: Smarter Brunei Purpose: Smarter Brunei is a non-profit organization that helps individual with special needs Url: Smarterbrunei.com
P2: The ownership style of Smarter Brunei is charity organization.” This mean that the organization has no owner but stakeholders that could be members of the nonprofit, or even beneficiaries of the nonprofit’s activities.” (Foundation Group, September 1st 2015). Smarter Brunei is a charity because it is formed to carry out religious and educational pupose or philanthropic in nature
P3: Smarter Brunei have limited liability. This mean the organization have no owner and there is no owner’s assets to protect but instead the assets of the director, manager and employees are protected. charity don’t need to pay taxes because they benefit the public instead of the owner. Smarter Brunei is in tertiary because they offer public service such as helping or educating individual with special needs.
Business #4 P1: Business name: Hua Ho Department Store Purpose: The company receive Supply produce ; poultry from their own farm to sell at their market for customer to make profit. Url: huaho.com.bn, en.wikipedia.org/wiki/Hua_Ho_Department_Store
P2: The ownership style of Hua Ho Department Store is private limited company. This mean the company has only shareholders that may have been passed down to the deceased owner’s family. Hua Ho is a private limited company because the shareholders run a risk of pilling up a lot of business debts.
P3: Hua Ho have limited liability. This mean the company shareholders’s assets are protected. The company is a legally independent tax entity separated from the owners that operate it. This mean the company pay tax on it own profit. Hua Ho is in the tertiary sector because the company get supplies of goods such as poultry and produce from their primary sector agricultural farm and sells the product on their market for profit.
M1: The ownership style of Sing Heng Lee and Amazon is very different because one is a sole trader and the other is a public limited company. The owner’s assets of SHL won’t be protected because of it’s ownership style which is sole trader and the owners ‘s assets of Amazon will be protected because Amazon has limited liability from its ownership style. The reason that there are differences in both business because both business have different ownership style which have their own size and scale, liability and tax responsibility.
Similarities – Both business sell products for profit – Both business are in tertiary sector – Both business need profit to maintain the business
Differences – SHL is a sole trader while Amazon is a public limited company. – SHL is a small business while Amazon is a large business – SHL’s owner pay for the tax while Amazon’s owner doesn’t
1. Wikipedia. (October 4th 2018) . Public company. Retrieved from https://en.wikipedia.org/wiki/Public_company#Advantages
2. Foundation Group. (September 1st 2015). Who Really Owns a Nonprofit?. Retrieve from https://www.501c3.org/who-really-owns-a-nonprofit/