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    2122 s3 Bafs Notes ST

    Uploaded by

    Kiu Yip
    This document discusses common forms of business ownership in Hong Kong, including sole proprietorships, partnerships, and limited companies. It also defines entrepreneurs and discusses their importance. Specifically: 1) A sole proprietorship is a business owned and financed by one person, providing flexibility but also unlimited liability and lack of continuity. 2) Entrepreneurs take risks to start businesses for profit. They foster competition, organize production, and innovate new products and services. 3) Different forms of business ownership emerge as businesses grow in diversity and quantity, with private enterprises aiming for profit and public enterprises providing essential goods and services.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    2122 s3 Bafs Notes ST

    Uploaded by

    Kiu Yip
    91 views3 pages
    This document discusses common forms of business ownership in Hong Kong, including sole proprietorships, partnerships, and limited companies. It also defines entrepreneurs and discusses their importance. Specifically: 1) A sole proprietorship is a business owned and financed by one person, providing flexibility but also unlimited liability and lack of continuity. 2) Entrepreneurs take risks to start businesses for profit. They foster competition, organize production, and innovate new products and services. 3) Different forms of business ownership emerge as businesses grow in diversity and quantity, with private enterprises aiming for profit and public enterprises providing essential goods and services.

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    2122 s3 Bafs Notes St

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    This document discusses common forms of business ownership in Hong Kong, including sole proprietorships, partnerships, and limited companies. It also defines entrepreneurs and discusses their importance. Specifically: 1) A sole proprietorship is a business owned and financed by one person, providing flexibility but also unlimited liability and lack of continuity. 2) Entrepreneurs take risks to start businesses for profit. They foster competition, organize production, and innovate new products and services. 3) Different forms of business ownership emerge as businesses grow in diversity and quantity, with private enterprises aiming for profit and public enterprises providing essential goods and services.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    91 views3 pages

    2122 s3 Bafs Notes ST

    Uploaded by

    Kiu Yip
    This document discusses common forms of business ownership in Hong Kong, including sole proprietorships, partnerships, and limited companies. It also defines entrepreneurs and discusses their importance. Specifically: 1) A sole proprietorship is a business owned and financed by one person, providing flexibility but also unlimited liability and lack of continuity. 2) Entrepreneurs take risks to start businesses for profit. They foster competition, organize production, and innovate new products and services. 3) Different forms of business ownership emerge as businesses grow in diversity and quantity, with private enterprises aiming for profit and public enterprises providing essential goods and services.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Chapter 1 Business in Hong Kong

    Business is closely connected to our daily lives. A purchase act from convenience store is simply a

    business transaction. Convenience store is also a business entity. Therefore, the environment in

    which business operates greatly affects everybody in society.

    1.1 Common forms of business ownership in Hong Kong

    Business activities increase in diversity and quantity as a business grows, therefore different forms

    of business ownership appear.

    Private
    Enterprise
    _________________________ ( 私 營 企 業 ) are owned by individuals aiming at

    profit making
    _________________________.

    Public
    Enterprise
    _________________________
    government
    ( 公 營 企 業 ) are owned by the _________________________

    providing the public with essential goods and services.

    Three common forms of private enterprises are as follows:

    sole
    Proprietorship
    _________________________ (獨資)

    partnership
    '

    _________________________ (合夥)

    limited
    company
    _________________________ (私人有限公司)

    2021/22 S3 BAFS Notes by Mr. Simon Leung 3


    1.1.1 Sole proprietorship 獨資

    One
    An enterprise owned and financed by _________________________
    person
    Pros
    (i) flexible
    Efficient and _______________ operations

    - The owner makes decisions by his/her own, so he/she can respond to market

    faster
    change _________________.

    (ii) close
    _________________ relationship with customers & employees

    - As the scale of business is small, the owner is able to give customers and

    employees personal attention.

    (iii) profit tax rate


    Lower _________________________

    - The profits tax rate for a sole proprietorship is lower than limited companies.

    (iv) Simple set-up procedures

    - Owner can start the business after obtaining a

    Business
    Registration
    _____________________________.
    certificate
    Cons
    (i) Lack of skills

    - legal
    A single owner may not have all _________________ to develop the business well.

    Unlimited (¥P¥t¥¥¥*¥É± )
    (ii)
    liability
    _________________________ of sole proprietor

    - The owner is personally liable for the debts of the business without limit.

    (iii) Lack of continuity

    -
    legal entity
    With no _______________________, the business may end in case of the owner’s

    illness or death.

    (iv) Lack of capital sources

    saving
    - Apart from owner’s _________________ or personal loan, business may find it

    difficult to obtain loans from banks.

    2021/22 S3 BAFS Notes by Mr. Simon Leung 4


    1.2 Entrepreneurs 企業家

    risk to start a business for the purpose of making


    Entrepreneur is a person who takes __________

    profit
    __________.

    Examples of entrepreneur

    Bill Gates of Microsoft

    Li Ka Shing of Cheung Kong Holdings

    Lai Chee Ying of Next Media

    Characteristics of Entrepreneur

    Willing to take risk (冒險)

    leader
    Have a strong desire to __________

    Adapt to innovative ideas

    independent
    Seek for ___________ (獨立)

    Source: Econschool Oct 2016

    Importance of entrepreneurship in business development

    (1) Promoting market competition (市場競爭)

    industry
    Entrepreneurs foster __________ (同業) competition which brings customers more products

    and services in lower prices and better quality.

    (2) Organizing production and enhancing production efficiency (效率)

    Entrepreneurs organize the production of goods and services through putting people and

    enhanced
    resources together. As a result, production becomes more __________.

    (3) Innovating new products and service

    new
    Entrepreneurs look for __________ ideas and turn them into new products and services that

    satisfy customer demand. They create a new business and even an entirely new market.

    2021/22 S3 BAFS Notes by Mr. Simon Leung 10

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