These businesses are owned by private individuas and groups which are mainly profit focused.
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What is a sole trader?
These businesses are owned and managed by one person who is legally responsible for their debt. This is called unlimited liability.
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What is a partnership?
This is formed when two or more people join together to create a company and share all responsibilities. Limited lianbility.
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What is a private limited company?
An Ltd is controlled by shareholders who invest in the company. the shares are controlled by a board of directors which appoint staff. Directors are only accountable for their investment and are not responsible for any debt if the company falls.
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What is a public limited company?
A plc float shares on the open market meaning anyone can buy them. Shaeholders can vote on general policies and directors make profit based on dividend which is only paid if the company makes a profit.
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What is a cooperative?
This type of organisation is owned, managed and run for the benefit of its members. They can be any size. The liability depends on whether or not they are a society, limited company, partnership or plc.
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What is a public sector business?
These are facilities and services that belong to the government but are managed by local councils. Focus on providing a quality service within the budget.
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What is a public corporation?
May either be a publicly owned corporation or a state owned organisation. An example is a university, as these extend their sports facilities for public use.
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What is a local authority?
This is a business ran by a council, which will have a SAL brief to provide a range of services. Mnay gyms are run by local authorities or the local authority in partnership with a private company.
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What is a voluntary sector business?
These are run for the benefit of society and the community, which are not for profit and not governmental.
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What is the voluntary sector?
These are organisations that exist to provide opportunities to play. Most involved are not paid for their time or skills.
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What is a charitable trust?
These organisations exist to fulfil a common aim. Such as improvement of public health through sports and raise or donate money to further this aim. They dont usually play tax.
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Other cards in this set
Card 2
Front
What is a sole trader?
Back
These businesses are owned and managed by one person who is legally responsible for their debt. This is called unlimited liability.
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