Business Planning Flashcards
(8 cards)
What is a business plan?
A formal document that outlines a company’s goals and the strategies it will use to achieve them. It acts as a roadmap, guiding the business from its current state to its desired future
What is PESTEL analysis?
Political, economic, social, technological, environmental and legal factors that affect a business.
What is a SWOT analysis?
Analyses the strengths, weaknesses, opportunities and threats of something.
What is the difference between a short term and long term business plan?
Short term tends to be less than a year whilst long term focuses on 3,5, or 10 years.
What is an LLP?
A limited liability partnership (LLP) is a flexible legal and tax entity where every partner has a limited personal liability for the debts or claims of the partnership.
Limited liability partnerships (LLPs) allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business.
What is a PLC?
A public limited company (PLC) is a type of public company that’s allowed to offer its shares to the public and is listed on a stock exchange.
The use of the phrase “public limited company” or the PLC abbreviation after a company’s name is mandatory. This signals to investors and other parties that the business is publicly traded and subject to stringent financial regulations and reporting requirements.
What is a Limited Company?
A private limited company has limited liability and often these types of business have ‘Ltd’ after the business name. The owners of a private limited company are known as shareholders
What is a sole trader?
A sole trader is a business that is owned and run by one person. There is only one owner, but they may have employees who work for them. Sole traders have unlimited liability and the owner is personally responsible for the debts of the business. A sole trader pays income tax on their earnings.
