business- theme 2

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4 Terms

1
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Name some legal entities in the UK

  • sole trader

  • partnership

  • private limited company

  • public limited company

2
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What are private sector companies

Businesses owned and operated by individuals motivated by profit and subject to market forces of demand and supply.

3
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What are public sector companies

The part of the economy that is controlled by the government. These services are typically funded by taxes and are intended to benefit the entire population.

4
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Characteristics of sole traders:

  • can have employees but those employees do not own the business

  • sole trader owns ALL the businesses assets

  • personally responsible for all business debts

  • has unlimited liability