584049
Description
Flashcards by dannistar26, updated more than 1 year ago
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Created by dannistar26
over 10 years ago
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| Question | Answer |
| Incorporated | A form of business organisation which is a separate legal entity. It has limited liability and it owned by shareholders |
| Unincoporated | A type of business organisation which has unlimited liability |
| Co-operatives | Trading organisations where a number of independent producers work together as though they are a single larger business |
| Sole Proprietor | (Sole trader) One person owns the business |
| Partnership | A form of unincorporated business organisation which is owned by between 2 and 20 people |
| Unlimited liability | Owners of the business are liable for its debts |
| Bankruptcy | Affects individuals and unincorporated businesses when liabilities are greater than assets |
| PLC Public limited company | A business owned by shareholders. Shares in business can be bought and sold (on the stock market) without restriction |
| LTD Private Limited Company | A business owned by shareholders. Shares cannot be sold on the stock market |
| Limited Liability | The owner of the business does not risk losing personal possessions in order to pay of debts of the business |
| Insolvency | A limited liability company is said to be insolvent when liabilities are greater than assets |
| Entrepreneur | A person who sees a business opportunity and who accepts the risks involved in running a business |
| Merger | Two or more businesses join together to make one larger business |
| Take-over | One business buys control of another |
| Horizontal | Merger or takeover of another business involved in the same industry at the same stage of production |
| Vertical | Merger or takeover of another business involved in the same industry at a different stage of production. The merger or takeover can be backwards or forwards |
| Diversification | The process of spreading risks by reducing dependence on one particular product or service |
| Conglomerate | Merger or takeover of another business which is involved in a totally different business activity. |
| Footloose | A business is able to locate anywhere it chooses |
| Uniform Business Rates | A type of tax paid by businesses to cover the cost of providing local services |
| Grants | Payment of money for a specific purpose, which does not usually have to be paid back. Granst may be available from the EU, central government or local authorities to help businesses improve employment opportunities. |
| Infrastructure | The name given to basic services needed by a business in order for it to operate effectively. For example, transport, power supplies, telephones and water supplies |
| Greenfield site | Industrial or commercial development in an area that has not previously been built on |
| Brownfield site | Industrial or commercial development in an area that was previously derelict or occupied by another industrial activity |
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