{"id":325,"date":"2023-09-25T11:03:18","date_gmt":"2023-09-25T11:03:18","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=325"},"modified":"2023-09-25T11:05:51","modified_gmt":"2023-09-25T11:05:51","slug":"week-7-jss-1-second-term-business-studies-lesson-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-7-jss-1-second-term-business-studies-lesson-notes\/","title":{"rendered":"Week 7 &#8211; Jss 1 Second Term Business Studies Lesson Notes"},"content":{"rendered":"<p>WEEK SEVEN<br \/>\n<strong>TOPIC: LIMITED LIABILITY COMPANY<br \/>\n<\/strong>This is a business organisation which has been in corporation. It is an association of individuals who agreed to jointly put their resources together for the purpose of having a business distinct from their owners.<br \/>\nIt is a legal entity created through state approval and separate its owners. There are two types of limited liability companies:<\/p>\n<ul>\n<li>Public Limited Liability Company\n<\/li>\n<li>Private Limited Liability Company\n<\/li>\n<\/ul>\n<p><strong>PUBLIC LIMITED LIABILITY COMPANY<br \/>\n<\/strong>Public limited liability company that has a minimum of seven members and no maximum. It is owned by the members of the public e.g. UAC PLC, FIRST BAND PLC, NESTLE PLC, ACADEMY PRESS PLC etc.<br \/>\nThey share profit called dividend yearly and the members are known as shareholders<br \/>\n\t\t<strong>FEATURES<br \/>\n<\/strong><\/p>\n<ul>\n<li> It shares can be traded and transferred the stock exchange market\n<\/li>\n<li>It is required to publish its account at the end of the trading period\n<\/li>\n<li>Workers can become shareholders\n<\/li>\n<li>Its name ends with Plc \u2013 Public liability Company\n<\/li>\n<\/ul>\n<p><strong>SOURCES OF FINANCE<br \/>\n<\/strong><\/p>\n<ul>\n<li>Contribution from members\n<\/li>\n<li>Loan and overdraft from bank\n<\/li>\n<li>Loan from private individual\n<\/li>\n<li>Create facilities from the supplier\n<\/li>\n<\/ul>\n<p><strong>ADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>It can sell share to the members of the public\n<\/li>\n<li>It can also borrow from the members of the public\n<\/li>\n<li>It engages in different line of business\n<\/li>\n<li>The share can be listed and quoted in the stock exchange market.\n<\/li>\n<\/ul>\n<p><strong>DISADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is expensive to set up\n<\/li>\n<li>It requires large capital\n<\/li>\n<li>Slow decision making\n<\/li>\n<li>The account must be published\n<\/li>\n<\/ul>\n<p>\u00a0<strong>PRIVATE LIMITED LIABILITY COMPANY<br \/>\n<\/strong>This is a company owned by Private Individuals. It can also be formed by a minimum number of the two and maximum of fifty members e.g. Oyelade Nigeria.<br \/>\n<strong>FEATURES<br \/>\n<\/strong><\/p>\n<ul>\n<li>It is owned by Private individuals\n<\/li>\n<li>It enjoys privacy\n<\/li>\n<li>The shares cannot be traded at the stock exchange market\n<\/li>\n<li>It must end with limited (LTD) e.g Marvic and associate Nig. Ltd\n<\/li>\n<\/ul>\n<p><strong>SOURCES OF FINANCE<br \/>\n<\/strong><\/p>\n<ul>\n<li>Contribution from members\n<\/li>\n<li>Loan from private individuals\n<\/li>\n<li>Credit facilities from suppliers\n<\/li>\n<li>Loan from bank and overdraft\n<\/li>\n<\/ul>\n<p><strong>ADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>It enjoys privacy\n<\/li>\n<li>Its management structure is simple\n<\/li>\n<li>The management and control are very easy\n<\/li>\n<li>The annual report might not be published except for the use of the company.\n<\/li>\n<\/ul>\n<p><strong>DISADVANTAGES<br \/>\n<\/strong><\/p>\n<ul>\n<li>Shares cannot be issued to the members of the public\n<\/li>\n<li>Borrowing from the public is not allowed\n<\/li>\n<li>Private limited liability company cannot be listed in stock exchange markets.\n<\/li>\n<\/ul>\n<p>\u00a0<strong>Assignment<br \/>\n<\/strong><\/p>\n<ul>\n<li>What is a company?\n<\/li>\n<li>\n<div>Write short notes on:\n<\/div>\n<ul>\n<li>Consumer cooperative society\n<\/li>\n<li>Multi-purpose cooperative society\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<div>a. Who is a sole proprietorship?\n<\/div>\n<p>b. Give five public cooperative <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>WEEK SEVEN TOPIC: LIMITED LIABILITY COMPANY This is a business organisation which has been in&#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-325","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\/325","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=325"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/325\/revisions"}],"predecessor-version":[{"id":326,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/325\/revisions\/326"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}