TYPES OF PARTNERSHIP There are two main types of partnership business namely: Ordinary Partnership (or General partnership) The Limited Partnership THE ORDINARY PARTNERSHIP (GENERAL PARTNERSHIP) Characteristics or features: Membership/Number of partners: May consist of between 2 to 20 persons. However by the companies Act 1967 this restriction of not more than 20 persons no longer … Read more
A partnership is defined as the relationship that exists between two or more (but more than twenty) persons carrying on a business in common for the purpose of making profits. A partnership is the relationship that exist when two or more persons contribute skill, moneys’ worth in order to establish, own and manage business organization … Read more
Business units can be divided into two broad classes namely, the private sector or private enterprise and the public sector or public enterprise. The private sector or enterprise is made up of all the business enterprises owned and controlled by private individuals whereas the public sector or enterprise covers all enterprises owned and controlled by … Read more
Transportation is one of the aids to trade and branches of commerce which is a means whereby people and goods are moved from one place to another either through water, road, rail or air. IMPORTANCE OF TRANSPORT Movement of goods and persons: transportation facilitates quick and efficient distribution of goods, in a country. It encourages … Read more
The Nigeria Airport Authority is a statutory body or public co – operation charged with the responsibility of managing, maintaining, running, administrating and controlling all airports e.g. Murtala Muhammed Airport Ikeja, Aminu Kano Airport Kano etc. are international airports in Nigeria while Calabar airport are examples of local airports. FUNCTIONS OF THE N.A.A Control of … Read more
Nigeria port authority is an organ of the federal government charged with the responsibilities of producing facilities and controlling sea ports in a country. They provide facilities at the port to ensure effective and efficient sea transportation. The facilities are boats, harbours, wharfs, trailers, forklifts etc. Nigeria has seaport in Apapa Lagos, port-Harcourt, Warri, Calabar, … Read more
Export trade: the selling of goods/service of a country abroad. It includes goods and services sold to other countries. Nigeria’s export products are cocoa, crude oil, rubber, cassava, etc. Export can be visible and invisible. Visible export are tangible goods and invisible are services rendered abroad. Exeter port: is the re-exporting of goods that have … Read more
Custom and Excise authority is an agency charged with the responsibilities of assessing and collecting revenue due from import and export. It is a revenue collecting organ of the government. The department of customs and excise under the ministry of internal affairs. Customs and excise authority collect the following during: Import duties: they are taxes … Read more
DOCUMENTS USED IN FOREIGN TRADE Bill of lading Airway bill Indent Certificate of insurance Consular invoice Ship manifest Make receipt Certificate of origin Weight note Dock lading account Export/import license Custom specification Dock warrant Export invoice Ship report Freight note Bill of health Shipping note BILL OF LADING :it is a document which enables … Read more
Terms of Trade: This means the prices at which the country’s exports exchanges for her imports. If the prices at which a country’s exports exchange for her imports are greater, it is said that the country has favourable terms of trade if that of imports are greater than exports. It is unfavourable terms of trade. … Read more
International trade /foreign trade refers to the exchange of goods and services across the boarder of two or more countries by their resident and government. In other words, it is exchange of goods and services between people and different countries. FORMS OF FOREIGN TRADE Bilateral Trade: This takes place when one country agrees to (trade) … Read more
Improvement in both economical and technical development have given both to various modern trends in retail trade. Development in retail trade are: Self – service Branding Credit cards Pre – packaging Credit cards E – retailing electrical SELF – SERVICE SYSTEM Is a system where the customers walk round the stores to select whatever goods … Read more
Warehousing is the act of storing goods produced or bought in a place until they are needed. Warehousing ensures that there is a regular and steady supply of goods. A warehouse is a place where goods are kept until they are needed. IMPORTANCE OF WAREHOUSING It provides protection and security for goods. It encourages … Read more
Wholesale trade (wholesaling) involves the buying of goods in large quantities from the producers or manufacturing and re-selling in small quantities to retailer. A wholesaler is a trader who purchases goods in large quantities from the manufacturing and sell in small quantities to the retailers. FUNCTIONS OF THE WHOLESALER To the Manufacturer He gives … Read more
Self-service: This is a method that allows customers to do their shopping in a shop with little or no assistance from sales attendants. The goods are conspicuously displayed and arranged on the shelves of shops with price tags. The customers goes about in the shop, examines the good displayed, compares them, tries them on, where … Read more
TYPES OF LARGE SCALE RETAILING A MULTIPLE SHOPS OR CHAIN STORES These are large scale retail businesses consisting of a number of similar shops or branches spread or located in different towns/ cities all over a country. They sell the same type of goods and all the shops are controlled from the head office e.g. … Read more
There are several types of size of retail outlets which for easy analysis can be grouped into two, namely: Small scale and Large scale retailing TYPES OF SMALL SCALE RETAILING Itinerant Traders: The common feature of itinerant traders is that they move from place to place to sell, thereby making goods handy for customers … Read more
Trade (Trading) is the buying and selling of goods and services. It is divided into Home Trade and Foreign Trade. Home Trade involves the exchange (i.e. buying and selling) of goods and services within a country and sub-divided into wholesale trade and retail trade. RETAIL TRADE Retail trade involves buying in small quantities from … Read more
Division of Labour is the breaking down of production processes into different stages so that each stage is undertaken or handled by an individual. For example, division of labour occurs in a textile factory where separate processes like spinning, weaving and dyeing are undertaken by separate workers in each case. Specialization is the process … Read more
Production is the changing of raw materials into finished goods and the distribution and provision of goods and services in order to satisfy human wants. Production is also referred to as the creation of utility. (Utility is the ability of any commodity or services to satisfy human wants). TYPES OF GOODS CAPITAL GOODS (PRODUCER GOODS): … Read more