BTEC First in Businesss - Unit 1

A business which uses its profits or surplus to fulfil soical objectives, such as helping others

The way a business is legally owned and operated

The owners are personally responsible for all debts, even if this means selling personal possessions

The owners are only responsible for all debts up to the amount they have invested in the business

Launching a public limited company on the Stock Exchange

A type of business owned by one person. Characteristics include easy start-up, owners keep all profits, and make all important decisions

A type of business owned by two or more people. A legal agreement between owners is necessary. Advantages included pooled skills, pooled capital and divided responsibilities

Many family firms have this format. The name always ends with 'Ltd'

The largest type of privately owned enterprise in the UK. The name always ends with 'plc'