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11 Terms
1
Sole Trader
A business structure owned and run by a single person, responsible for all financial decisions and operations.
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2
Unlimited Liability
The owner is personally liable for all the business’s debts, which could lead to loss of personal assets.
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3
Partnership
A business structure comprising two or more individuals, typically limited to a maximum of 20 partners with similar liability concerns as sole traders.
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4
Incorporation
The process of forming a company as a separate legal entity, regulated by the Commonwealth Corporations Act 2001.
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5
Private Limited Company
A company structure in Australia that requires at least one shareholder and allows a maximum of 50 non-employee shareholders.
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6
Public Listed Company
A company that has its shares listed on the Australian Securities Exchange, allowing public buying and selling of shares.
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7
Social Enterprise
A business model that aims to fulfill social needs while producing goods or services for the market, focusing on community or environmental goals.
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8
Government Business Enterprise (GBE)
A publicly owned business that engages in commercial activities aimed at profit generation, functioning like private companies.
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9
Business Objectives
Goals set by a business to give direction, increase the likelihood of success, and ensure stakeholder efforts are aligned.
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10
Market Share
The proportion of total sales within an industry that a business holds, often compared with competitors.
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11
Efficiency vs. Effectiveness
Efficiency is about using resources well to maximize output, while effectiveness measures success in achieving business objectives.
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