Business Keywords (Starting a Business)

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Define 'Gap in the Market'
An idea for a good or service that other businesses haven't come up with. This can be developed from other businesses
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Sole Trader
When there is ONE owner of a business
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Partnership
When there is MORE THAN 2 owners of a business
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Private Limited Company
Often a small business that is owned by at least 2 shareholders. Has Ltd after its name
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Public Limited Company
A large business that sells world-wide. Has plc after its name
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Deed of Partnership
A document for a partnership that states how profits are shared and the amount of capital invested etc.
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Sleeping Partner
A partner who invests in a business but takes no part in the actual running of the business
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Limited Liability
When the debts of the business are paid without the owners' personal possessions or savings being affected
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Unlimited Liability
When the debts of the business is paid off using the owners' personal belonging and savings
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Shareholder
An owner of a Private Limited Company or a Public Limited Company
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Other cards in this set

Card 2

Front

When there is ONE owner of a business

Back

Sole Trader

Card 3

Front

When there is MORE THAN 2 owners of a business

Back

Preview of the back of card 3

Card 4

Front

Often a small business that is owned by at least 2 shareholders. Has Ltd after its name

Back

Preview of the back of card 4

Card 5

Front

A large business that sells world-wide. Has plc after its name

Back

Preview of the back of card 5
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