Accounting As A System Pt2 Flashcards
1
Q
What is a business?
A
An organization that provides goods or services in order to make a profit
2
Q
What is a sole trader business?
A
A business where one individual owns and controls the business.
3
Q
What is a partnership?
A
When two or more individuals own the business and share profits and liabilities.
4
Q
What is a limited liability company?
A
Companies owned by shareholders who fund them. They usually don’t manage the company but elect directors to do so
5
Q
What is a cooperative?
A
Organizations formed and controlled by members that provides their members with goods and services, not for a profit
