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Business Organisation Key Terms
Small Business Ownership
· Sole Trader: A business owned by one person.
· Partnership: An agreement between 2-20 people to jointly run a business and to share profits and risks.
· Deed of Partnership: This is a legal document which shows how responsibilities, profits and workload…

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Business Organisation Key Terms

Growth
· Diversification: This is when a business expands by moving into new markets. This might be achieved by a
merger.
· Horizontal Integration: One firm merging with another in the same industry at the same stage of produc-
tion.
· Lateral Integration: A firm expands…

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