Business Studies 0.0 / 5 ? Business StudiesKeywordsGCSENone Created by: Briony99Created 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. 1 of 9 Partnerships Two or more people who manage the business. All parties are equally liable for debt. 2 of 9 PLC's Public limited company - The company sells shares on the stock market. 3 of 9 LTD's Limited company - limited liability ownership is restricted. 4 of 9 Charities A non-profit organisation. 5 of 9 Social Enterprises Tackles social problems, sells goods on open market, but reinvests all profits back into the business. 6 of 9 Franchises A license to allow the franchise access to a business' proprietory knowledge and trade - marks to sell under the business' name. 7 of 9 Limited Liability Business owner is not personally responsible for the business' debts. All personal assets are not at risk. 8 of 9 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. 9 of 9
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