Business Y12 Unit 1

franchise

allows individuals (franchisees) to operate their own outlets using the brand, processes, and permissions of an established business (franchisor)

sole trader

a business that has a single owner with unlimited liability

partnership

a business arrangement where all partners are equally responsible for the management, debts, and obligations of the business, unlimited liability

private limited company

a company that does not issue shares to the general public, limited liability

public limited company

a company that offers shares to the general public, limited liability

multinational company

a company that has business operations in at least one country other than its home country and generates revenue outside of its home country

charity

have a specific purpose defined by law and are subject to strict regulations governing their activities, limited liability

cooperatives

owned and ran by their members with the principle that working together means more power as profit is shared equally, limited liability

non governmental organisations

community-based organisations which do not aim to make a profit but seek to meet a need or provide a service that are independent of the government

microfinance institution

a type of banking service provided to low-income individuals or groups who otherwise wouldn't have access to financial services, limited liability