organisations owned and run by the government. provide services to the public rather than make a profit e.g. the NHS -> provide healthcare to everyone, funded by UK tax system
1 of 5
private sector
owned and run by private individuals, most aim to make profit, not always the case e.g. charities, range from small sole traders to large organisations e.g. ASDA and John Lewis
2 of 5
non-profit businesses have different aims
- not set up to make profit, have other aims e.g. help communuity, money generated doesnt go to owners or shareholders, charities
3 of 5
unlimited liability
the business and owner seen as one under the law, business debts become personal debts, can be forced to sell personal assets e.g. their house, huge financial risk
4 of 5
limited liability
owners arent personally responsible for the d
5 of 5
Other cards in this set
Card 2
Front
owned and run by private individuals, most aim to make profit, not always the case e.g. charities, range from small sole traders to large organisations e.g. ASDA and John Lewis
Back
private sector
Card 3
Front
- not set up to make profit, have other aims e.g. help communuity, money generated doesnt go to owners or shareholders, charities
Back
Card 4
Front
the business and owner seen as one under the law, business debts become personal debts, can be forced to sell personal assets e.g. their house, huge financial risk
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