a business is an organisation which exists in order to satisfy a customers needs and/or wants, usually for a profit by providing goods or services e.g McDonald's
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Sole Trader
A person who is the exclusive owner of the business, entitled to keep all profits after tax has been paid e.g newsagent
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Partnership
A business organisation in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts of the business.
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Private Limited Company
A private limited company is often a small business such as a small businesses such as an independent retailer. LTD's have their own legal identity and they aren't liable for firms depts.
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Public Limited Company
A limited liability business with £50,000 + of share capital and a wide spread of shareholders. (Shares are trading on the stock exchange)
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Other cards in this set
Card 2
Front
Sole Trader
Back
A person who is the exclusive owner of the business, entitled to keep all profits after tax has been paid e.g newsagent
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