Business & Accounting
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11 Terms
Features of Partnership
2 – 20 people
Each partner is jointly liable for the debts of the business (unlimited liability) if no agreement is formed
Unlimited liabaility
Features of sole trader
Full control/is the boss
Full profits
Have full creative responsibilities
Unlimited liability
Features of private company
Min 2 Max 50 shareholders
Not open to public
Any share trading requires permission of other shareholders.
limited liability
Features of public company
Shares on ASX
limited liability
Pty Ltd
Private company
Ltd
Public company
DR Nature
Asset & Expense
CR nature
Revenue, owner’s equity, and liability
What is a franchise
A business model where a franchisor grants a franchisee the right to operate a business using its brand systems, and process in exchange for fees and royalty.
Who is a franchisor
Owns a business model and grants others the right to operate under that brand through a franchise agreement.
Who is a franchisee
Purchases the right to operate a business under an established brand and business model, following the franchisor’s guidelines
