Do you remember? Flashcards
What is a sole trader?
A sole trader is when you work for yourself with unlimited liability.
What is unlimited liability?
Unlimited liability is when you are responsible for paying back all the debts of the business.
What is a partnership?
A partnership is a business owned by 2-20 owners with unlimited liability.
What is an ethical business?
An ethical business is a business that follows moral behaviour and standards.
What is an unethical business?
An unethical business usually doesn’t follow moral behaviour and standards.
What is a private/public limited company?
Private/public limited companies are owned by shareholders with limited liability.Private shares can be sold to family and friends. Public shares can be sold on the stock market.
What is an entrepreneur?
An entrepreneur is a person who starts or owns a business. They create original and creative ideas for their company and become successful by taking risks.
What is a franchise?
A franchise is business that gives the right to another to use their ideas, goods and services, using its name.
What is an entrepreneur?
An entrepreneur is a person who starts their own business. They create original and creative ideas and they become successful by taking risks.
