- Keywords-Business & People
- A business is any organisation that is involved in the production of a good or a provision of a service.
- Economy - How businesses and industries are doing.
- Unlimited liability - The owners are personally liable for all of the debts of the firm
- Limited Liabiltiy - The owners can't be sued for more than it has invested into the business
- Unincorporated - If the business is in debt, you're in debt. First you would sell the business assets, and then your personal possessions.
- Sleeping Partner - Partners that invest capital into the business, but take no part in the running of it. (Limited liability).
- Memorandum of association - Details of the nature, purpose and structure of the company.
- Articles of association - Details of the internal rules of the company.
- Certificate of incorporation - Allows company to trade.
- Dividends - All limited companies may share their profits with their shareholders.
- Multinational company - A business which operates or produces in atleast 2 countries, e.g. franchises.
- Subsidiary company - Most of the shares are owned by a holding company.
- Holding company - A corporation that owns enough stock in another corporation to control its board of directors.
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