business structures Flashcards
1
Q
sole trader
A
one person, can keep all the profit but liable for losses
2
Q
partnership
A
between 2 and 20 people together, share profit and liabilities
3
Q
public company
A
Ltd, ownership distributed among general public shareholders. member not personally liable
4
Q
private company
A
pty ltd, no more than 50 shareholders, members liable to extent of unpaid amounts on thier shares. personal assets not at risk
5
Q
franchise
A
license that grants access to business knowledge, processes and trademarks, can sell products and services under another business name
6
Q
social enterprise
A
business with specific social objectives, seek to maximise profit and benefit to society and environment, profits principally to fund social programs and charities
