People in Business Flashcards
What is a micro business?
A micro business is a type of business which can have 1-9 people within it. A micro business’ turnover is less than £1,700,000
What is a small business?
A small business is a type of business that can have 10 - 49 members. A small business’ turnover is less than £5,600,000
What is a medium sized business?
A medium business is a type of business that can have 50 - 249 members. A medium business’ turnover is less than £22,800,000
What is a large business?
A large business is a type of business that has over 249 members. A large business’ turnover is more than £22,800,000
What is a Sole trader?
A sole trader is a type of business ownership that comprises of one person that is entitled to all of the profits of the business.
What is a partnership?
A partnership is a type of business ownership that comprises of 2 - 20 people. Because there are multiple owners, the percentage of profits that everyone keeps is agreed beforehand.
What is a LTD? (Private Limited Company)
A LTD is a type of business ownership that is limited to having 50 shareholders. Unlike PLC’s, LTD’s can only sell shares privately to close friends and family.
What is a PLC? (Public Limited Company)
A PLC is a type of business ownership that sells its shares of the business publicly. Unlike LTD’s, PLC’s can sell shares to anyone.
What is a private sector business?
A private sector business is a business that is owned by entrepreneurs. There are 4 types of business ownership that follow the private sector. They are sole traders, partnerships, LTD’s and PLC’s.
What is a public sector business?
A public sector business is a business that is run by the government. These businesses are funded through taxes. An example of this would be schools.
What is a stakeholder?
A stakeholder is anyone that has a concern or interest in a business. This can be a local community that is concerned about something like the traffic that a business causes or customers that prefer a business over it’s competitors.
What is a shareholder?
A shareholder is someone that has purchased a share in a business. They have the same aims as the owners as they want to receive profit from the shares they bought.
What is an unincorporated business?
An unincorporated business is a small business with unlimited liability
What is an incorporated business?
An incorporated business is a larger business that can be sued, taken over and liquidated
What is a consumer?
Someone who uses a product or service
