Types of Travel and Tourism organisations. Flashcards
Their roles . products and services that they offer to customers.
What types of travel and tourism organisations are there ?
private businesses , public businesses , Government run organisations , voluntary organisations or charities.
What do these travel and tourism organisations tend to do ?
Work together.
What does being part of the private sector mean ?
The businesses are not under government control but instead is owned by private individuals or companies.
What are private businesses aims ?
To make profit as they are commercial companies with staffed employees.
What happens if private businesses fail to make profit ?
They will go out of business.
What are some examples of private businesses ?
STA Travel, LHR Airports, Longleat Safari Park , Premier Inn.
What are the sizes of private businesses ?
They can range in size from being small businesses to being huge multi - national cooporations.
What are the different types of private business ownership ?
individual or sole trader, private limited company, public limited company.
What is a sole trader ?
A sole trader is somebody who runs a business alone / as a self - employed individual. They don’t have limited liability so if they go bankrupt they have to pay off the debt themselves.
Who is a private limited company owned by ?
Private limited companies are owned by shareholders , who own shares which can only be bought and sold with the permission of the company’s board of directors.
Who are shareholders ?
Shareholders are usually the company directors , they do not offer shares to the general public as they tend to be private.
What is the definition of limited liability ?
Shareholders are responsible for the debts of their company to the extent of the value of their shares.
What is the definition of a shareholder ?
Person, institution or company who owns at least one share of a company’s stock.
What is a difference between a public and private limited company ?
Unlike a private company, public limited companies are listed on the stock exchange therefore their shares can be bought or sold publicly.
What do shareholders pay each year and what does it depend on ?
A dividend (distribution of earnings) every year that the business makes a profit. And the size of the dividend depends on how much money the company has made and how many shares an individual owns.
