Forms of Business and Objectives

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Aims
what a business tries to achieve in the long term
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Articles of Association
a document that provides details of the internal running of a limited company
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Certificate of Incorporation
a document that declares a business is allowed to trade as a limited company
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Choices
in business, deciding between alternative uses of resources
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Co-operative
`a business organisation owned by its members, who have equal voting rights
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Deed of Partnership
a binging legal document that states the formal rights of partners
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Franchise
a business model in which the franchisor allows another operator to trad under their name
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Lifestyles Business
a business that aims to make enough and provide the flexibility needed to support a particular lifestyle for the owner
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Limited Company
a business organisation that has a separate legal entity form that of its owner
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Limited Liability
a legal status which means that a business owner is only liable for the original amount of money invested in the business
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Limited Partnership
a partnership where some members contribute capital and enjoy a share of the profit, but do not participate in the running of the business. At least one partner must have unlimited liability
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Memorandum of Association
a document sets out the constitution capital and stats key external details about a limited company
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Mutual Organisation
a business owned by its members, who are customers not shareholders
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Objectives
the goal for targets set by a business to help achieve its long-term purpose
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Opportunity Cost
when choosing between different alternatives, the opportunity cost is he benefit lost from the net best alternative to the one that has been chosen
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Online Business
a business that uses the global communications infrastructure of the internet as a trading base
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Partnership
a business organisation that usually owned by between 2-20 people
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Primary Sector
production involving the extraction of raw materials from earth
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Private Equity Company
A company usually owned by private individuals backed by finical institutions
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Public Limited Company
a company owned by shareholders where the shares can be traded openly on the stock market
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Sales Maximisation
an attempt to sell as much as possible over a given period of time (or an attempt to generate as much sales revenue as possible in a given period of time)
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Secondary Sector
production involving the conversion of raw materials into finished and semifinished goods
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Sleeping Partner
a partner that contributes capital and enjoys a share of the profit but takes no active role in running the business
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Social Enterprise
a business that trades with the object of improving human or environmental well-being
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Sole Trader or Sole Proprietor
a business organisation which has a single owner
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Stock Market
a market for second-hand shares
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Stock Market floatation or initial public offering (IPO)
the process of a company "going public"- making shares available to the public for the first time
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Tertiary Sector
the production of services in the economy
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Trade-Offs
in business, where a decision-maker faces a compromise between two different alternatives: for example, between paying dividends to shareholders and re-investinf profits in a business
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Unlimited Liability
a legal status which means that 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 document that provides details of the internal running of a limited company

Back

Articles of Association

Card 3

Front

a document that declares a business is allowed to trade as a limited company

Back

Preview of the back of card 3

Card 4

Front

in business, deciding between alternative uses of resources

Back

Preview of the back of card 4

Card 5

Front

`a business organisation owned by its members, who have equal voting rights

Back

Preview of the back of card 5
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