different forms of business Flashcards
1
Q
Name some charities
A
British Red Cross, Oxfam and Amnesty International
2
Q
What is a social enterprise
A
businesses with a social objective
3
Q
what are mutual organisations
A
an organisation that aims to offer their customers the best possible value on products and services
4
Q
what is unlimited liability
A
when business debts become the personal debts of the owner, huge financial risk
5
Q
what is limited liability
A
where owners arent personally responsible for the debts of the business
6
Q
Advantages of being a sole trader
A
freedom
profit
simplicity
savings on fees
7
Q
disadvantages of being a sole trader
A
risk time expertise finance vulnerability unlimited liability
