Business - Types of Enterprise Flashcards
What is financial enterprise?
Is set up to make a profit by selling a product or service
Three types of enterprises
Local organisations such as Baker, Butcher , hairdresser or local shop these organisations operate in a specific local area
National organisations such as Woodies, O’Neills, Supervalu, Centra these organisations operate or have branches all over Ireland
Global organisations such as McDonald’s, Smith’s and pennies, these are very large and have operations all over the world
The role of financial enterprises in society
provides goods and services
Provides employment
Boosts economic growth
Definition of not for profit enterprises
These include charities and voluntary organisations that provide a range of services and benefits to the community an example of this would be DSPCA
The definition of local enterprise offices
31 local enterprise offices across the country of a range of support and services to people interested in starting up a new business
What do enterprise Ireland do?
they give financial support for start-up and expecting enterprises
Research and development to help Irish enterprises become more innovative and competitive in international markets
They export assistance, including introductions to overseas customers and information about selling an overseas markets
definition of a social enterprise
A social enterprise is one that puts people and community out of private and personal gain
An example of a social enterprise
social entrepreneurs Ireland SEI
SEI is a nonprofit organisation that helps social and entrepreneurs provide financial and practical support
The role of social enterprises in society
provide services
Create and support employment
Provides finance for others
Definition of a cultural enterprise
A cultural enterprise provides local or national consumers with access to the arts and cultural activities and events in the community
The role of cultural enterprises in society
Promote art and culture
Create employment
Support for the local economy
Number 1 example of a cultural enterprise
Culture Ireland, a division of the department of culture, heritage and the Gaeltacht, is responsible for promoting Irish arts worldwide
Number two example of a cultural enterprise
The arts Council of Ireland is a government organisation with responsibility for developing arts
What is a soul trader?
The sole trader owns and runs their own business. The sole trader is the one who makes all decisions and pries the money in their business. they take all the risk and get all the reward.
Definition of unlimited liability
Can lose your own property to pay debts
partnership definition
A partnership is a business where between two and 20 people come together to set up and share control of the business. The owners have shared unlimited liability.
definition of capital
Big amount of money usually invested in the business
Definition of liability
Financial responsibility/any costs that the business owes
The four steps in becoming a soul trader
Decide what type of business you want to go into.
Find a suitable premises.
Register your business unless you want to use your own name and can begin trading immediately.
Apply for a license if you need one
Unlimited liability distinction answer
The sole trader is liable for old business steps. This can include personal and business assets.
Definition of dividend
A share of the profit given to shareholders as a return on investment
Definition of limited liability
You only lose what you put into the business
definition of a partnership deed
I said, rules and responsibilities for the company I agreed and written down in a partnership deed
five things that will be included in the deed of a partnership
How profits are to be shared
Will be provided,
Duties and tasks of each person within the partnership
Rules for new partners.
What happens if the business closes down or someone leaves?
