Business ownership

Created by: beechamr
Created on: 25-05-23 10:39

Limited liability

Limited liability means that the business owner or owners are only responsible for business debts.

1 of 6

Unlimited liability

Unlimited liability means that the business owner or owners are personally responsible for all of the debts of the business.

2 of 6

Sole trader

A sole trader is a business that is owned and run by one person. There is only one owner, but they may have employees who work for them.

3 of 6

Partnerships

A partnership is a type of business that has two or more owners. They decide to set up and run a business between them.

4 of 6

Private Limited Company (Ltd)

A private limited company can be a small or large business. A private limited company has limited liability.The owners of a private limited company are known as shareholders.

5 of 6

Public Limited Company (Plc)

Larger businesses may choose to become a public limited company (Plc). In a Plc, shares are sold to the public on the stock market. People who own shares are called ‘shareholders’. They become part owners of the business and have a voice in how it operate

6 of 6

Other cards in this set

Card 2

Front

Unlimited liability means that the business owner or owners are personally responsible for all of the debts of the business.

Back

Unlimited liability

Card 3

Front

A sole trader is a business that is owned and run by one person. There is only one owner, but they may have employees who work for them.

Back

Card 4

Front

A partnership is a type of business that has two or more owners. They decide to set up and run a business between them.

Back

Card 5

Front

A private limited company can be a small or large business. A private limited company has limited liability.The owners of a private limited company are known as shareholders.

Back

View more cards

Similar Business Studies resources:

See all Business Studies resources »

See all Ownership and control resources »

Get Revising

Business ownership