441551
Description
Flashcards by katie.swift.ks, updated more than 1 year ago
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Created by katie.swift.ks
almost 11 years ago
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| Question | Answer |
| Unincorporated Business | No distinction in the law between the owner and the business itself. E.g. sole traders or partnerships. |
| Incorporated Business | The business and owner have separate identities in the law. E.g. private or public limited. |
| Unlimited Liability | A situation in which owners of a business are liable for all the debts that the business may incur. |
| Limited Liability | A situation in which the liability of owners of a business is limited to the fully paid-up value of the share capital. |
| Sole Trader | A business owned by one person. Can operate on their own or they may choose to employ people. |
| Partnership | A form of business in which 2 or more people operate for a common goal of making a profit. |
| Private Limited Company | A small to medium-sized business that is usually run by family or a small group of individuals who own it. |
| Public Limited Company | A business with limited liability, a share capital over £50,000 with at least 2 shareholders, 2 directors, a qualified company secretary and a wide spread of shareholders. It has plc after its name. |
| Ownership | Providing fiance and therefore taking risks. |
| Control | Managing the organisation and making decisions. |
| Stakeholders | Any group of individuals with an interest in the business. This includes employees, customers and the local community. |
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