Business Organizations

Flashcards about business organizations.

Public Sector

Organizations owned and controlled by the government.

Private Sector

Businesses run by private individuals.

Unlimited Liability

Means that the owners of a business are responsible for all of the debts of a business. Personal belongings may need to be given up to pay the debts of the business.

Sole Trader

Businesses owned by one person who has unlimited liability.

Partnerships

A business that is owned by between 2 and 20 people.

Deed of Partnership

A legal document which is an agreement between partners that sets out the rules of the partnership

Limited Liability

When the owners of a business are not responsible for the debts of a business. Personal belongings will not need to be given up to pay the debts of the business.

Dividend

The term for the share of the profits of limited companies and Co-operatives.

Charities

Organisations set up to provide help and raise money for those disadvantaged in society.

Social Enterprise

Businesses which operate for the benefit of the community, or its workers, or as a charity.

Co-operative

A business organisation that is owned by its customers / workers / producers / members, they have a common purpose or aim, they receive dividends, they share /are consulted in decision-making

Private Limited Companies (LTD)

Businesses which are owned by shareholders who have limited liability and Their shares are not available to others except with the agreement of other shareholders.

Public Limited Companies [Plc]

Businesses which are owned by shareholders who have limited liability and Their shares are available to others by selling to the general public often on the Stock Exchange.