What is a business?
- Created by: Olivia Letts
- Created on: 02-01-19 20:25
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- Unit 3.1 ~ What is a business?
- Mission Statement - sets out a business' purpose to direct the entire organization
- Aim - a goal the business wants to achieve. These need to be SMART to understand progress the business has made.
- Objective - detailed step-to-step plan to take to achieve an aim
- SMART - Specific, Measurable, Achievable, Relevant, Time
- Public Limited Company - a company with limited liability that everyone can join and you can access the business' accounts
- Private Limited Company - a company with limited liability that you have to be invited to join and the business' accounts can be accessed
- Unincorporated - the owner is the business with unlimited liability e.g. sole trader
- Incorparated - difference between business and owner with limited liability e.g. PLC
- Unlimited liability - owner is personally responsible for debts
- Limited Liability - owner isn't personally responsibke and debt comes out of companies funds
- Revenue - value of sales during trading period (credit or cash)
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