Business Ownership Flashcards
(4 cards)
1
Q
What is a partnership?
A
A business that usually provides professional services e.g. a doctor and has 2-20 owners.
2
Q
What’s a ltd (private limited company)?
A
A small or large business where shareholders have to be invited by the business.
3
Q
What’s unlimited liability?
A
Where personal belongings aren’t protected.
4
Q
What’s limited liability?
A
Where personal assets are protected.
