Types of business structure/growth Flashcards
Sole trader
An individual who owns and runs their own business
Partnerships
When two or more people run the business
Unlimited Liability
the full legal responsibility that business owners and partners assume for all business debts.
Limited Liability
the business owner or owners are only responsible for business debts.
LTd (Private Limited Company)
a company that has been incorporated by Companies House for operation within the United Kingdom.
Inorganic growth
When a business grows by using outside influences and not growing within by e.g takeover or merger
Organic growth
When a business grows by turning people into regular customers, opening new outlets or launching new products
Public limited company
a business that is legally allowed to sell its shares to the public.
