Ownership Flashcards
1
Q
What is a private sector
A
owned by individuals and aim to make a profit
2
Q
What is a public sector
A
owned by the government and aim to provide a necessary service
3
Q
What is a sole trader
A
Someone who starts a business on their own. Has unlimited liability. High finance pressure.
4
Q
What is a partnership
A
At least 2 people who own the business.Easy to finance but longer decision making.Involves a deed of partnership.
5
Q
What is a Ltd
A
A limited company is a company which sells shares to friends and family.
6
Q
What is a PLC
A
A public limited company is a company who sell shares on the stock exchange publicly.
