IB Business Management SL - 1.2. Types of organizations

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Private sector

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14 Terms

1

Private sector

Set up by individuals or groups of individuals

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2

Public sector

Ran and owned by the state

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3

Unincorporated businesses

There is no legal distinction between the owner of the business and the business itself, so everything is carried out in the name of the owners

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4

Incorporated business

They have a separate legal entity from their owners.

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5

Types of businesses

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6

Sole traders

The business is owned by only one person.

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7

Partnerships

More than one owner. Partners share responsibilities.

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8

Private limited company

Separate legal entities from their owners, so if the business has debts the owner will not be personally liable. Shares.

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9

Public limited company

Big, multinational companies boasting large numbers of employees. Shares.

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10

Non-profit organizations

They run according to business principles but they do not aim at making profit.

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11

Charities

Non-profits with the aim to raise money for good causes and draw attention to the needs of disadvantaged groups of people.

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12

Pressure groups

Circles of people that attempt to influence decision makers in politics and society.

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13

Public-private cooperation

When the government creates a commercial partnership with the private sector to provide certain goods or services.

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14

Privatizacion

Process through which companies that were originally owned by the state are bought by the private sector.

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