business structures Flashcards
a company with unlimited liability where their personal assets may need to be sold
sole trader liability
Liability depends on if it was set up by a sole trader, partnership or company
Franchise liability
A business owned and operated by 2 to 20 partners
partnership
Limited liability as the members are limited to the value of their investment
cooperative liability
A company with only 1-50 shareholders
Private/proprietary company
Has limited liability because the shareholders are limited to the value of their shares for any business debts.
company liability
has unlimited liability. The two people are jointly responsible for business debts
partnership liability
a business which has a separate legal identity form its shareholders.
company
a business owned and operated by one person
sole trader
a business or person buys the right to use the name, products and services of an existing business.
franchise
a business with at least five members with a shared management and legal voting rights.
cooperative
A company with a minimum of one shareholder
Public company
