1.2 (quizlet version)

Question 1

soletrader

Answer 1

owned by one person

Question 2

partnership

Answer 2

owned by two or more individuals

Question 3

private limited company

Answer 3

owned by shareholder ( shares can be sold to family and friends)

not owned by the government

Question 4

public limited company

Answer 4

owned by shareholders ( shares can be sold to anyone via the stock exchange)

Question 5

shareholder

Answer 5

someone who owns a % of the business

Question 6

assets

Answer 6

something a business owns

Question 7

unlimited liability

Answer 7

if a business fails, the owners personal assets CAN be used to buy off business related debts

Question 8

limited liability

Answer 8

if a business fails, the owners personal assets CAN’T be used to buy off business related debts

Question 9

incorporation process

Answer 9

when soletraders/ partnerships become companies

Question 10

deed of partnership

Answer 10

lays out all roles and responsibilities, duties and benefits of a partnership business