Terms Flashcards
What does involuntary cessation mean?
involuntary cessation occurs when a business is forced to close down it’s company due to various issues such as financial issues.
What does SME mean?
Small and medium enterprises
What are the aspects of a partnership?
A partnership is a type of business structure which allows up to 2-20 people to be involved. partnerships have unlimited liability as well as sole traders. banks see partnerships as high-risk with reference to loans. advantages include increased funds to kick start business and other opinions.
What aspects of a sole trader?
sole trader is a form of business structure in which one sole person owns and operates the business. This person has unlimited liability. one of the only requirements is that their business will need to be registered if it is not exactly their name on the businesses company. banks see these as generally high risk. Advantages include, sole management and ability to make choices you wish, being able to make stable profit.
stakeholder meaning
A stakeholder is anyone who is involved with the company, directly/indirectly and generally recieved capital for such things as investing or working for the business.
Commercial bills are?
Type of bill exchange (loan) issued by institutions other than banks.
