Ch 3 business

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  • Created by: angus f.v
  • Created on: 22-05-14 17:08
Ch 3
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Deed of Partnership
A binding legal document which states the formal rights of a partner.
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Franchise
Where a business(the franchisor) allows another operator(the franchisee) to trade under their name.
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Incorporated Businesses
Where the business has a separate legal identity from that of its owners.
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Limited Liability
Where a business owner is only liable for the original amount of money invested in a business.
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Limited Liability Partnership
A partnership where all partners have limited liability.
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Limited Partnership
A partnership were some partners contribute capital and enjoy a share of the profit but do not take part in running the business.
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Partnership
A business owned by between 2 to 20 people.
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Sole Trader (or Sole Proprietor)
A business owned by a single person.
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Unincorporated business
Those businesses where there is no legal difference between the owner and the business.
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Unlimited Liability
Where the owner of a business is personally liable for all business debts.
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Other cards in this set

Card 2

Front

A binding legal document which states the formal rights of a partner.

Back

Deed of Partnership

Card 3

Front

Where a business(the franchisor) allows another operator(the franchisee) to trade under their name.

Back

Preview of the back of card 3

Card 4

Front

Where the business has a separate legal identity from that of its owners.

Back

Preview of the back of card 4

Card 5

Front

Where a business owner is only liable for the original amount of money invested in a business.

Back

Preview of the back of card 5
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