What are the advantages of a Sole Trader.
Easy to Set Up
You get to be your own boss
Working Longer Hours
You decide what happens to profit
How many people are needed to form a partnership?
2
3
1
2-20
Which is an advantage of having a Limited company?
Limited Liability
Unlimited Liability
Sole Traders have ______________ liability
Unlimited
Limited
Partners can sign a _______________ - this shows how businesses will be run and how profit is shared. If there is no deed, _____________________.
Deed of Partnership
Profits are shared equally
Document
Profits are invested into the business
Certificate of Incorporation
Companies Act 1985
Partnerships have ______________ Liability.
What are sleeping partners?
Partners who work during the night while others are asleep
Partners who invest money into the business but are not actively involved in it
Retired Partners
Sleeping Partners have _________________
Limited Companies are owned by at least__________ shareholders
4
5
10+
20+
With Private Limited Companies. Shares are sold_________________________________who__________________________________. They receive___________ in return.
privately to friends and family
invest into the business.
discounts
Dividends
Publicly on the stock market
purchase products from the business
All shareholders have ________________ liability.
Each shareholder has some control of the business, they vote annually for____________________________.
Directors at AGMs
New products/services for the company to offer
how much dividends they receive
What information is needed to register a company. (Limited Companies)
A Memorandum of Association
Articles of Association
A limited companies accounts can be viewed by anyone
A memorandum of Association is ______________________________________________
a document giving the name, address, activity and shares of the company.
a document giving details of the voting rights of the shareholders, how profits, will be shares and what the directors do.
Articles of Association is ______________________________________________
What does Unlimited liability mean
The owner/s are responsible for all the debts of the business. Risk: Own Possessions.
Shareholders (owners) are only responsible for the amount they invested.
When a business has been registered at Companies House it will then receives a ____________________
certificate of incorporation
memorandum of association
A certificate of incorporation
is a document containing information about shares
a list of products/services a company offers
a document which allows them to start trading
A business owner decided not to offer any stocks for sale to the public. What type of corporation are they an example of?
Limited (Private)
Limited (Public)
Sole Trader
Partnership
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