types

Question 1

Sole trader

Answer 1

Def= business structure that is owned and operated by
one individual.
Single owner
Unlimited liability
One person=decision making

Question 2

Partnerships

Answer 2

def= business structure that is owned by two to 20
owners.
2-20 owners
shared decisions
unlimited liability

Question 3

Private limited company

Answer 3

def= an incorporated
business structure that
has at least one director
and a maximum of 50
shareholders
50 shareholders max
limited liability
Experienced management

Question 4

public listed company

Answer 4

def= an incorporated
business that has an
unlimited number of
shareholders and lists and
sells its shares on the ASX.
Unlimited shareholders
limited liability
public disclosure

Question 5

Government business enterprise

Answer 5

def= business that is owned and operated by the government.
Business set up by government aims to make a profit
>eg. aus post

Question 6

Social enterprises

Answer 6

Def= type of business that aims to fulfil a community or environmental need by
selling goods or services.
Acheives community benefits providing economic, social, cultural and environmental benefits
owned by a board of trustees

Question 7

Unlimited liability

Answer 7

Any debts incurred by the business are the responsibilty of the owners

Question 8

Limited liability

Answer 8

meaning any debts inccurred are responsibilty of the company, and shareholders liability is limited to the amount of their investment