Business studied key terms flashcards 0.0 / 5 ? Business StudiesStarting a businessGCSEWJEC Created by: Ella_isobelCreated on: 08-05-15 12:05 Sole Trader A business owned by one person 1 of 13 Partnership A business which is owned by more than one person and anything up to twenty 2 of 13 Silent/sleeping partner A person who has invested in a business but doe snot have an active roll in the company and how it is runned 3 of 13 Deed of partnership It is a legal agreement which is made by partners, which states the rolls and responsibilities. 4 of 13 Entrepreneur A person who takes a rsik by starting and running a buiness. 5 of 13 Mission statement It is a brief summary of the main objectives of a bsuiness or organisation. 6 of 13 Stakeholder An individual or group of epole who have an interest in a business. 7 of 13 Unlimited liability Owner of a business who are liable for it debts 8 of 13 Limited liabilty The owner of a business does not risk losing personal possessions in order to pay ff any debts of their business 9 of 13 Private limited company (Ltd) A business owned by stareholders 10 of 13 Public limited company (plc) A business owned by shareholders and shares in the business can be bought and sold without resticitions 11 of 13 Dividend A payment made to a shareholder from the profits made by a private or public limited company 12 of 13 Board of directors People usally elected by shareholders to represent their intests and make important decisions 13 of 13
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