Organisation

Question 1

Organisation

Answer 1

Social arrangement for the controlled performance of the collective goals

Question 2

Sole trader

Answer 2

Organisation owned and run by one person (not legally separate from the business)

Question 3

Partnerships

Answer 3

Owner and run by two+ people, some have limited liability which means business is a separate entity from owners and owner liability is limited

Question 4

Limited liability companies

Answer 4

owners of companies are legally separate from business, liability of shareholders is limited to the amount invested in shares

Question 5

Private limited company (Ltd)

Answer 5

smaller and can’t sell their shares to public

Question 6

Public limited companies (Plc)

Answer 6

larger and can sell their shares to public through the stock exchange

Question 7

Non for profit: public sector organisations

Answer 7

Controlled by govt. and provide basic services

Question 8

Non for profit: private sector organisations

Answer 8

controlled by individuals such as social clubs and charities