Business IGCSE - 1.4 Types of Business Organisation-Karteikarten | Quizlet

Unincorporated business

A business that does not have a separate legal identity. Sole traders and partnerships are unincorporated businesses.

franchise

a business based upon the use of the brand names, promotional logos and trading methods of an existing successful business. The franchisee buys the licence to operate this business from the franchisor.

sole trader

A business owned by one person

Limited Liability

means that the liability of shareholders in a company is limited to only the amount they invested.

Unlimited liability

means that the owners of a business can be held responsible for the debts of the business they own. Their liability is not limited to the investment they made in the business.

Partnership

a form of business in which two or more people agree to jointly own a business.

partnership agreement

the written and legal agreement between business partners. It is not essential for partners to have such an agreement but it is always recommended.

Incorporated businesses

companies that have separate legal status from their owners.

shareholders

the owners of a limited company. They buy shares which represent part-ownership of the company

private limited companies

businesses owned by shareholders but they cannot sell shares to the public.

public limited companies

businesses owned by shareholders but they can sell shares to the public and their shares are tradeable on the Stock Exchange.

Annual General Meeting

a legal requirement for all companies. Shareholders may attend and vote on who they want to be on the Board of Directors for the coming year.

Dividends

payments made to shareholders from the profits (after tax) of a company. They are the return to shareholders for investing in the company.

joint venture

where two or more businesses start a new project together, sharing capital, risks and profits.

public corporation

a business in the public sector that is owned and controlled by the state (government).

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