4. Types of Business Organisation Flashcards
What is a partnership?
Business created by two or more people jointly
What is a sole trader?
Business owned by one person
What is the difference between a unincorporated an incorporated business?
An incorporated business has separated legal status from owners and continues if owner dies. They’re also able to make contracts or legal agreements.
What is the difference between a private limited and public
limited company?
In a private limited company the shares aren’t sold to the public but rather internally.
What is an AGM?
Annual General Meeting. Shareholders can vote on the Board of Directors here.
What is a Joint Venture?
When two or more businesses starts a new project together sharing their capitals.
What is a franchise?
Business that is create under a rand of another company
What are public corporations?
They’re owned by the government. Usually are nationalised (purchased by the government)
