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11 Cards in this Set
- Front
- Back
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UNINCORPORATED BUSINESS |
there is no distinction in law between the individual owner and the business itself. The indentity of the business and the owner is the same. EG sole traders and partnerships |
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INCOPORATED BUSINESS |
this has a legal identiy that is separate from the individual owners these organisations can own assets, owe money and enter into contracts in their own right eg ptd and plc |
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UNLIMITED LIABILITY |
a situation in which the owners of a business are liable for all the debts that the business may incur |
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LIMITED LIABILILTY |
a situation in which the liability of the owners of a business is limited to the fully paid up value of the share capital |
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SOLE TRADER |
a business owned by one person. the owner may operate on their own or may employ other people |
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PARTNERSHIP |
a form of a business where two or more people operate for the common goal of making a profit |
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PRIVATE LIMITED COMPANIES |
an average sized business that is usually run buy the family or the small group of individuals who own it |
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PUBLIC LIMITED COMPANY |
a business with limited liability, a share capital of over 50,000, at least two share holders , two directors, a qualified secretary and a usually wide spread of share holders known as PLC |
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OWNERSHIP |
providing finance and therefore taking risks |
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STAKEHOLDERS |
any group of individuals with an interest in a business. this includes the employees customers shareholders and the local community |
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CONTROL |
managing the business and making decisions |
