ownership liability size

Question 1

What are the common forms of private ownership for businesses?

Answer 1

Private ownership includes sole trader, partnership, private limited company (Ltd), public limited company (plc), and cooperative.

Question 2

Give an example of a public ownership entity for a business.

Answer 2

Examples include government departments and public corporations.

Question 3

What types of businesses fall under the not-for-profit category?

Answer 3

Not-for-profit entities encompass charitable trusts, voluntary sector businesses, and community interest companies (CICs).

Question 4

What’s the difference between limited and unlimited liability in business?

Answer 4

Limited liability protects personal assets, while unlimited liability means personal assets are at risk to cover business debts.

Question 5

When is a business considered “large” in terms of staff size?

Answer 5

Large businesses have more than 250 staff members.

Question 6

What does SME stand for, and what staff size range does it cover?

Answer 6

SME stands for Small and Medium-sized Enterprises. Small enterprises have between 10 and 49 staff, and medium-sized enterprises have between 50 and 249 staff.

Question 7

How is business size categorized as “micro”?

Answer 7

Micro businesses have up to nine staff members.