Keywords-Business & People

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  • 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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