What types of services and goods do sole traders sell?
What liability do sole traders and partnerships have and what does it mean?
Unlimited and if they go bankrupt, they’ll lose everything
How many people can be in a partnership?
2 to 20
What’s a social enterprise?
An organisation that helps make improvements in human and environmental wellbeing by selling goods and services
What do social enterprises do with their profit?
They reinvest it back into their business or community which allows them to help social problems
What liability do private and public limited companies have and what does it mean ?
Limited and if the company goes out of business, they will only lose the money they’ve put into it
What identity does a limited company have and what’s it’s referred to as?
A separate legal identity and is referred to as Incorporation
What must all limited companies register with?
The Registrar Of Companies at Companies House
What are limited companies meetings called?
Annual General Meetings (AGMs)
Which company is an Ltd and which an Plc?
Ltd-Private Limited Company
If a shareholder dies in a Limited company,what happens to the company and the persons shares?
They can carry on trading and the persons shares can be transferred to someone else
Which limited company is cheaper to set up?
What is the U.K. stock exchange called and what is it?
The Financial Times Stock Exchange (FTSE 100) and is a share index of the 100 companies with the highest market capitalisation
What makes share prices go up or down?
Because some days they want to sell lots of stock than people actually buy and vice versa
What legal document is a partnership advised to write called?
A Deed of Partnership
If there’s no deed of partnership, how must profits be paid out?
What are the advantages of being in a partnership?
Share liability meaning you can half your debts
Share out skills and ideas meaning more chance of profit
What are disadvantages of being in a partnership?
Have to half profits
What are advantages of being a sole trader?
You can keep all profits
Easy to set up
Don’t need to register w government
What are disadvantages of being a sole trader?
Have to handle things all on their own eg finances
Business ends if they die
Who is a co-operative owned by?
It’s members, public
What does a social enterprise, a co-op and a charity have in similar?
They don’t work for profit, while all three can make a profit, it’s not their primary aim