Aims and Organisations - Flash Cards

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yah here is some things i made lol
ryanculham
Flashcards by ryanculham, updated more than 1 year ago
ryanculham
Created by ryanculham almost 10 years ago
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Question Answer
What is a Sole Proprietor? An individual who is the sole owner of a business that is neither a partnership nor a company, owned by one person only.
What is a Public Limited Company? Its usually a large, well known business. This could be a manufacturer or a chain of retailers. They usually share trades on the stock exchange.
What is a Private Limited Company? A small business such as an independent retailer in a market. Shares are not traded on stock exchange.
What is the difference between a franchisee and a franchisor? Franchisee's buy the right from a franchisor and a franchisor sells to the franchisee.
Explain a partnership. Partners in a business, they usually have a shared responsibility however, many disputes can arise over decisions made. Partners have unlimited liability.
What is a sole trader? They provide a specialist service like hairdressers etc. They have unlimited liability so they have to pay for their debts out of their own pockets.
How can an owner be guaranteed a place into running the business? They must be elected to the Board of Directors (BOD)
Why should you open a franchise? Its usually 'less risky' than opening a independent retailer as a franchise is well known etc.
What is a limited company usually called? They are usually named incorporated which means they have their own legal identity.
What is the owner of a limited company usually called? A shareholder, as the company is divided up into equal parts called shares.
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