1(A) Flashcards
Sole trader
A sole trader is a business structure that is owned by one individual.
Partnership
A partnership is a business structure that is owned by two to 20 owners.
Private limited company
A private limited company is an incorporated business structure that has at least one director and a maximum of 50 shareholders.
Public listed company
A public listed company is an incorporated business that has an unlimited number of shareholders and lists and sells its shares on the ASX.
Social enterprise
A social enterprise is a type of business that aims to fulfil a community or environmental need by selling goods or services.
Government business enterprise (GBE)
A government business enterprise (GBE) is a business that is owned by the government.
- public sector
unincorporated
Owner and business are viewed as same legal entity.
Unlimited liability
is the personal legal responsibility a business owner has for business’s debts.
Limited liability
Limited liability is when shareholders are only liable to the extent of their original investment, meaning they are not personally responsible for the business debts.
