Business Studies

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  • Created by: Briony99
  • Created on: 20-11-15 12:19
Sole Traders
A person who is the exclusive owner of a business, who is entitled to all profits after tax but is also liable for all loses.
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Partnerships
Two or more people who manage the business. All parties are equally liable for debt.
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PLC's
Public limited company - The company sells shares on the stock market.
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LTD's
Limited company - limited liability ownership is restricted.
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Charities
A non-profit organisation.
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Social Enterprises
Tackles social problems, sells goods on open market, but reinvests all profits back into the business.
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Franchises
A license to allow the franchise access to a business' proprietory knowledge and trade - marks to sell under the business' name.
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Limited Liability
Business owner is not personally responsible for the business' debts. All personal assets are not at risk.
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Unlimited Liability
If the business is unable to meet financial obligations or settle any outstanding liabilities, the owners personal assets can be seized to pay debt.
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Other cards in this set

Card 2

Front

Two or more people who manage the business. All parties are equally liable for debt.

Back

Partnerships

Card 3

Front

Public limited company - The company sells shares on the stock market.

Back

Preview of the back of card 3

Card 4

Front

Limited company - limited liability ownership is restricted.

Back

Preview of the back of card 4

Card 5

Front

A non-profit organisation.

Back

Preview of the back of card 5
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