A sole trader describes any business that is owned and controlled by one person. Has UNLIMITED LIABILITY
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What is a Partnership?
Partnerships are businesses owned by two or more people. HAS UNLIMITED LIABILITY
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What is a Private Limited Company? (LTD)
A private limited company (ltd) is often a small business such as an independent retailer in a market town. Shares do not trade on the stock exchange.
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What is a Public Limited Comapny? (PLC)
A public limited company (plc) is usually a large, well-known business. This could be a manufacturer or a chain of retailers with branches in most city centres. Shares trade on the stock exchange.
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What is Not for profit organisation?
A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its workers
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What is Limited Liability?
the condition by which shareholders are legally responsible for the debts of a company only to the extent of the value of their shares.
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What is Unlimited Liability?
Unlimited liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities.
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Other cards in this set
Card 2
Front
What is a Partnership?
Back
Partnerships are businesses owned by two or more people. HAS UNLIMITED LIABILITY
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