AS 91867 · 3 credits · Internal
Primary industry business
Demonstrate understanding of a primary industry business structure that best meets the strategic needs of a business
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This standard asks you to understand how different business structures (like sole trader, partnership, company, co-operative, or trust) work in primary industries like farming or fishing, and to explain which structure best suits a particular business's goals and needs. You need to compare structures, explain their impacts, and justify why one works better than another.
What to do, grades and common mistakes
- ·Pick a primary industry business and identify its current business structure (sole trader, partnership, limited company, co-operative, trust, etc.)
- ·Compare that structure with at least one alternative structure the business could use instead
- ·Explain how each structure would affect the business—covering things like ownership, decision-making, costs, and liability
- ·Link the choice of structure to the business's strategic needs (such as succession planning, raising capital, or long-term goals)
- ·For Merit and Excellence, recommend the most suitable structure and justify why it's the best choice, considering both short-term and long-term impacts
You explain how a chosen business structure meets a primary industry business's strategic needs, with a comparison to another structure and clear discussion of the impacts on the business.