Business Ownership And Aims Flashcards
(11 cards)
1
Q
Sole trader
A
A business owned and controlled by one person
2
Q
Partnership
A
A business owned by 2–20 people
3
Q
Private limited company (Ltd)
A
A company with shares not sold to the public
4
Q
Public limited company (Plc)
A
A company whose shares are traded publicly
5
Q
Shareholder
A
Someone who owns shares in a company
6
Q
Limited liability
A
Owners are only responsible for business debts up to the amount they invested
7
Q
Unlimited liability
A
Owners are personally responsible for all business debts
8
Q
Franchise
A
The right to trade under an established brand
9
Q
Social enterprise
A
A business with social or environmental aims
10
Q
Business objectives
A
Goals a business sets (e.g., survival, growth, profit)
11
Q
Stakeholders
A
Individuals or groups affected by business activity
