3.1 What is Business? Flashcards
1
Q
A
2
Q
What is Unlimited Liability?
A
- A characteristic of unincorporated businesses.
- Business owner/s personally responsible for the debts and liability of the business.
- If the unincorporated business fails, the owners are liable for the amounts owed.
3
Q
What is a Sole Trader?
A
An indivdual owning the business on his/her own.
4
Q
What is a Share?
A
An individual part of the issued share capital of a company.
5
Q
What is a Stakeholder?
A
A stakeholder is any individual or organisation who has a vested interest in the activities and decision making of a business.
