Fundamentals of Business in Music Essay

1190 Words Feb 26th, 2016 5 Pages
Question 1:
Sole traders­ they run their business on their own, are personally responsible for it and can keep all of the business’s profits after they paid the taxes.
Limited company­ an organisation set up to run a business. It is responsible for everything it does. The profit it makes, minus the taxes, is owned by the company and can be shared. Every limited company has people or organisations that hold a share in it.
Business partnership­ in a partnership, all the business partners personally share responsibility for the business. The partners might share the profits between them and each of them has to pay tax on their share.
Franchise­ a business that functions independently under an already trademarked name.
Question 2:
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They are willing to take (non­excessive) risk in order to make a financial profit and are fully responsible for the outcomes. Their ideas are usually ground­breaking and innovative in their particular field.
Question 7: ­Richard Branson ­David Geffen ­Ahmet Ertegun ­Simon Cowell
Question 8:
The probability that the costs connected with establishing a new business or undertaking a certain action in an already existing one might be bigger than the revenue.
Question 9:
­Control over assets ­Risk management
­ Legal responsibilities
Question 10:
Budget is a form of management control relating to the financial performance of a company. It helps to monitor resources of a business, to create a plan for its development, to relate the actual performance of the company to the plan and to take a corrective action if the performance is unsatisfactory.
Long question:
Nowadays, it is very easy to start and manage your own record label, thanks to online­based companies and websites that offer digital marketing or general record label management services. Nevertheless, the market is dominated by the three major record labels (Sony Music Entertainment, Universal Music Group, Warner Music Group). The internet made it

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