{"id":321,"date":"2023-09-25T11:02:08","date_gmt":"2023-09-25T11:02:08","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=321"},"modified":"2023-09-25T11:05:51","modified_gmt":"2023-09-25T11:05:51","slug":"week-5-jss-1-second-term-business-studies-lesson-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-5-jss-1-second-term-business-studies-lesson-notes\/","title":{"rendered":"Week 5 &#8211; Jss 1 Second Term Business Studies Lesson Notes"},"content":{"rendered":"<p>\u00a0WEEK FIVE<br \/>\n<strong>TOPIC: SOLE TRADE<br \/>\n<\/strong><strong>A. SOLE PROPRIETORSHIP<br \/>\n<\/strong>Sole trade is the oldest of the forms of business organisation. It is a form of business which is owned, engaged and controlled by one person for the purpose of making profit.<br \/>\nAnother name for sole trade is sole proprietorship or one \u2013 man business.<br \/>\nA man\/woman who engages in sole trade is known as sole trader are shoe mender, law firms, kiosk owner, farmer, provision store etc.<br \/>\n<strong>Features of Sole Trade<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is established to make profit\n<\/li>\n<li>It is easy to set up\n<\/li>\n<li>It gives room for quick decision making\n<\/li>\n<\/ul>\n<p><strong>Sources of Capital<br \/>\n<\/strong><\/p>\n<ul>\n<li>Personal savings i.e. contribution\n<\/li>\n<li>Loan from friends and relatives\n<\/li>\n<li>Loan from bank and government\n<\/li>\n<\/ul>\n<p><strong>Advantages of Sole Trade<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is easy to run \/ establish\n<\/li>\n<li>It requires small capital to start\n<\/li>\n<li>There is freedom to run different types of business\n<\/li>\n<li>The owner enjoys the profit alone\n<\/li>\n<li>He\/she controls the business alone\n<\/li>\n<li>He make fast and quick decision\n<\/li>\n<\/ul>\n<p><strong>Disadvantages of Sole Trade<br \/>\n<\/strong><\/p>\n<ul>\n<li>The owner bears the risk alone\n<\/li>\n<li>He\/she works for long hours\n<\/li>\n<li>The death of the owner may end the business\n<\/li>\n<li>Wrong decision taking can lead to problem for the business\n<\/li>\n<li>The liability of the owner is unlimited\n<\/li>\n<\/ul>\n<p><strong>B. PARTNERSHIP BUSINESS<br \/>\n<\/strong>Partnership business is a business organisation that exists between two to twenty persons coming together to form business for the purpose of making profit.<br \/>\nIt requires minimum of two and maximum of twenty but in banking services, two and ten as maximum.<br \/>\n<strong>SOURCES OF CAPITAL<br \/>\n<\/strong><\/p>\n<ul>\n<li>Partners contribution\n<\/li>\n<li>By admission of new member \/ partner\n<\/li>\n<li>By ploughing back profit to the business\n<\/li>\n<li>Loan from commercial banks\n<\/li>\n<\/ul>\n<p><strong>FEATURES OF PARTNERSHIP BUSINESS<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is not a legal entity business\n<\/li>\n<li>The liability of partners is unlimited\n<\/li>\n<li>It is owned by two to twenty people\n<\/li>\n<li>Profit and loss are shared based on partners agreement.\n<\/li>\n<\/ul>\n<p><strong>TYPES OF PARTNERS<br \/>\n<\/strong>1. Active Partner: This is a partner that take part in the running and management of the business.<br \/>\n2. General Partner: This is a managing partner and has unlimited liability.<br \/>\n3. Sleeping \/ Dormant Partner: This partner only contribute part of the capital and does not take part in the running of the business.<br \/>\n<strong>PARTNERSHIP DEED<\/strong><br \/>\n\t\tThis is a written agreement between the partners. It contains:<\/p>\n<ul>\n<li>The name of the company\/firm\n<\/li>\n<li>The name of partner\n<\/li>\n<li>The amount of central required\n<\/li>\n<li>The nature of business to be transacted\n<\/li>\n<li>How profit or loss will be shared.\n<\/li>\n<\/ul>\n<p>Partnership Dissolution \u2013 means putting this life of an existing partnership business to an end i.e. dissolving the business.<br \/>\n<strong>ADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>It has no more capital than sole proprietorship\n<\/li>\n<li>The talent of individual partners can be developed\n<\/li>\n<li>Business account is not made published\n<\/li>\n<li>Better decisions are taken\n<\/li>\n<li>The partnership business can be developed into bigger organisation.\n<\/li>\n<\/ul>\n<p><strong>DISADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>There is delay in decision making because the partners are many\n<\/li>\n<li>Disagreement between partners may bring dissolution\n<\/li>\n<li>The liability of partners is unlimited\n<\/li>\n<\/ul>\n<ul>\n<li>The death of an active partner may put end to the business\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0WEEK FIVE TOPIC: SOLE TRADE A. SOLE PROPRIETORSHIP Sole trade is the oldest of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,62],"tags":[],"class_list":["post-321","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-jss1-business-studies"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=321"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/321\/revisions"}],"predecessor-version":[{"id":322,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/321\/revisions\/322"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}