What you'll learn
How a new business is structured for success.
Key ideas
- Types of ownership: sole trader, partnership, limited company; limited liability.
- Location factors and the marketing mix.
- The purpose of a business plan.
Exam tips
- Weigh the pros and cons of ownership types.
- Apply location factors to the business.
Common mistakes
- Confusing unlimited and limited liability.
- Listing ownership types without evaluating.