Private/public sectors and limited/unlimited liability 0.0 / 5 ? Business StudiesStarting a businessGCSEWJEC Created by: alexabrahams01Created on: 22-01-17 10:44 What is the private sector? includes all businesses that are owned by private individuals and groups. 1 of 8 Give four example of businesses in the private sector Sole traders, partnerships, Private limited companies and public limited companies. 2 of 8 What is the public sector? Includes all the organisations that are controlled by the government. Focus on customers service and are non-profit making. 3 of 8 Give five examples of organisations that belong in the public sector NHS, fire service, schools, local government and police 4 of 8 What is limited liability? If the company goes into debt, the investor only loses the amount of his investment and is not rquired to pay back creditors any money. 5 of 8 Who does limited liability apply to? private limited companies and public limited companies 6 of 8 What is unlimited liability? The business must pay back its creditors, even if this means they have to sell personal assets such as property and cars. 7 of 8 Who does unlimited liability apply to? Sole traders and partnerships 8 of 8
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