DIfferent Business Forms

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  • Created by: Lydz1573
  • Created on: 17-09-16 16:57
Private Sector Organisation
Owned and run by private individuals. Most aim to make a profit although some, like charities don't. Eg. Tesco, Barcley's Bank, BP.
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Public Sector Organisation
Aim to provide essential services. Owned and operated by the government. Eg. Bank of England, NHS, Police.
2 of 10
Unincorporated Business
No distinction in law between business and owner(s). If the business gets into finantial trouble the owner is accountable for it. Includes sole traders and partnerships.
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Incorporated Business
The Business has a separate legal identity from the owners. Includes Public Limited Companies and Private Limited Companies.
4 of 10
Unlimited Liability
The owners of a business are liable for all the debts a business incurs. If the business runs into debts the owners would have to use their personal possessions to repay the debts.
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Limited Liability
The liability of the owners of a business is limited to the amount they have invested in their shares.
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Sole Trader
A business owned by one person who has unlimited liability. It is unincorporated.
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Partnership
A business with two or more owners who join together to work towards a common goal of making a profit.
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Private Limited Company (Ltd.)
A business with limited liability that raises capital by selling shares to friends and family but not to the public. Usually small to medium size businesses.
9 of 10
Public Limited Company (Plc.)
A business with Limited Liability that sells shares to the public. Has a share capital of over £50,000, at least 2 directors and a company secretary.
10 of 10

Other cards in this set

Card 2

Front

Aim to provide essential services. Owned and operated by the government. Eg. Bank of England, NHS, Police.

Back

Public Sector Organisation

Card 3

Front

No distinction in law between business and owner(s). If the business gets into finantial trouble the owner is accountable for it. Includes sole traders and partnerships.

Back

Preview of the back of card 3

Card 4

Front

The Business has a separate legal identity from the owners. Includes Public Limited Companies and Private Limited Companies.

Back

Preview of the back of card 4

Card 5

Front

The owners of a business are liable for all the debts a business incurs. If the business runs into debts the owners would have to use their personal possessions to repay the debts.

Back

Preview of the back of card 5
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