1.2 Business Ownership Flashcards
1
Q
Limited liability
A
The owner is personally liable for all the debts of the business
2
Q
Which type of legal structure is used when 2 or more people join together to start a business and have unlimited liability
A
A partnership
3
Q
What are the owners of a private and pubic limited company called
A
Shareholders
4
Q
a private limited company may change into a public limited company because it wants
A
limited liability
5
Q
what would be classed as a not - for - profit organisation
A
OXFAM
6
Q
which legal structures can sell shares on the stock market
A
Public limited company
7
Q
in which legal structure is liability limited an advantage
A
public limited company
8
Q
in which legal structure is unlimited liability a disadvantage
A
a public limited company
