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Flashcards in 4. Types of Business Organisation Deck (8)
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What is a sole trader?

Business owned by one person

1

What is a partnership?

Business created by two or more people jointly

2

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.

3

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.

4

What is an AGM?

Annual General Meeting. Shareholders can vote on the Board of Directors here.

5

What is a Joint Venture?

When two or more businesses starts a new project together sharing their capitals.

6

What is a franchise?

Business that is create under a rand of another company

7

What are public corporations?

They're owned by the government. Usually are nationalised (purchased by the government)