Business Terminology 2

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  • Created by: torib101
  • Created on: 24-04-16 18:41
Sole Trader
An individual who owns and runs their own business. A sole trader is unincorporated and therefore has unlimited liability
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Private Limited Company
An incorporated business that is owned by shareholders who tend to be family and friends of the entrepreneur. Shareholders in the business have limited liability and the company must have LTD after it's name.
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Public Limited Company
An incorporated business that is able to sell shares on a stock exchange. The business must have a minimum of $50,000 in share capital and plc after its name.
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Private Sector
The sector of the economy that is owned and controlled by individuals or groups of individuals tether than by the government.
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Public Sector
The sector of the economy that is owned and controlled by the government rather than individuals or groups of individuals.
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Liability
The extent to which an investor is legally responsible for the debts of a business. This is determined by the business form
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Limited Liability
An investors liability/financial commitment is limited to the total amount invested or promised in share capital. An investors personal belonging beyond this venture are protected.
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Unlimited Liability
The owners of a business are responsible for the goal amount of debt of the business. The owner loses their personal belongings
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Shareholders
investors who are part owners of a company. They receive dividends in return for their investment. Their liability is limited to the amount invested or promised.
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Other cards in this set

Card 2

Front

Private Limited Company

Back

An incorporated business that is owned by shareholders who tend to be family and friends of the entrepreneur. Shareholders in the business have limited liability and the company must have LTD after it's name.

Card 3

Front

Public Limited Company

Back

Preview of the front of card 3

Card 4

Front

Private Sector

Back

Preview of the front of card 4

Card 5

Front

Public Sector

Back

Preview of the front of card 5
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