Project 1 business plan Flashcards
Business plan
Meaning of “sole trader”?
Describes any business that is owned and controlled by one person.
Meaning of “partnership”?
Is a business that is owned by two or more people.
Meaning of “incorporated limited company”?
A business that is owned by its shareholders who have bought shares from the company (run by directors and separate legal identity from its owner)
Meaning of “private limited company”?
A business owned by its shareholders that have invested into the business.
Meaning of “public limited company”?
A business that is managed by directors and owned by shareholders.
Meaning of “joint venture”?
When two or more companies agree to start a project together, sharing the capital, risk and projects.
Meaning of “franchise”?
A business owner licences an existing business idea and name from another business.
Meaning of “co-operatives”?
Businesses owned and run by and for their members business objectives.
