3. Sole Traders, partnerships, social enterprises and franchises Flashcards

1
Q

Legal status

A

Position defined by law

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2
Q

Innovator

A

Someone who introduces changes and new ideas

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3
Q

Labour

A

People employed in a business/used in production

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4
Q

Unincorporated

A

business where there is no legar difference between the owner and the business

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5
Q

Incoporated

A

Business that has a separate legal identity from that of its owners

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6
Q

Sole trader or sole proprietor

A

Business owned by a single person

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7
Q

Unlimited liability

A

Owner of a business is personally liable for all business debts

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8
Q

Partnership

A

Business owned by between 2 and 20 people

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9
Q

Deed of partnership

A

Binding legal document that states the formal rights of partners

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10
Q

legally binding

A

agreement has been made, and certain actions are now either or prohibited by law

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11
Q

limited partnership

A

Partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business

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12
Q

limited liability

A

business owner is only liable for the original amount of money invested in the business

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13
Q

audits

A

Official examination of a company’s financial records in order to check that they are correct

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14
Q

franchise

A

structure in which a business allows another operator to trade under their name

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15
Q

merchandise

A

goods that are being sold

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16
Q

social enterprise

A

Business that aims to iumprove human or environmental weelbeing, charities for example

17
Q

cooperative

A

Company, factory or organisation in which all the people working there own an equal share of it

18
Q

Consumer cooperative

A

Cooperative that is owned by its customers

19
Q

retail coperative

A

cooperative of retail members, who often work together to assert their purchasing power

20
Q

worker cooperative

A

cooperative that is owned by its employees

21
Q

charities

A

organisations that give money, goods or help to people who are poor, sick or in need

22
Q

accountable

A

responsible for the effects of your actions and willing to explain or be criticised for them

23
Q

transparent

A

language or information that is clear and easy to understand