2780274
Description
Flashcards by Sarah Manon Konn, updated more than 1 year ago
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Created by Sarah Manon Konn
about 9 years ago
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| Question | Answer |
| Sole Trader | - One owner - No need to publish accounts (except tax) - Usually service firms s.a. car repairs |
| Partnership | - Up to 20 owners - Limited need to publish accounts - Funded by partners' capital - Usually lawyers and medical practices |
| Private Limited Company (PLC) | - Varying amount of owners - Sends financial statements to registrar - Receive capital from partners - Family run businesses like Lego |
| Publicly Traded Company (PTC) | - Unlimited owners with global share exchange - Many funds if shares are sold, transparent accounts - Usually big companies like SONY and WalMart |
| Chartities, NGOs and volunteer organisations | - Some NGOs are partnerships with governments - Donations provide funds - Usually Amnesty International, Red Cross |
| Private Sector | - Focus: Profit maximisation - Not state controlled |
| Public Sector | - Principally controlled, financed and operated by the government - Provide a service to consumers whatever the cost |
| For-Profit Organisations | Organisations that aim to earn maximum profit at the lowest cost |
| Not-for-profit organisations | Organisations that aim to raise money for a purpose, such as helping others in need |
| Cooperatives | - Owned by the people (stakeholders) using it - "Anyone becoming a customer is an owner" |
| Micro-Finance Providers | - Help entrepreneurs finance some start-up capital - Usually for people in developing countries |
| Public-Private Partnership (PPP/P3) | - A contract between the public and private sector - Private company assumes all financial, technical and operational risk of public service that the government can't run |
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