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.
3 of 10
Incorporated Business
The Business has a separate legal identity from the owners. Includes Public Limited Companies and Private Limited Companies.
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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.
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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
Card 4
Front
The Business has a separate legal identity from the owners. Includes Public Limited Companies and Private Limited Companies.
Back
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.
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