Types of business Flashcards
1
Q
Sole Trader
A
One owner all liability all power and decision making can hire employees less costly all profit simplest form many tasks to perform
2
Q
Partnership
A
2-20 owners divided liability divided responsibility and tasks business can endure after death possible conflicts no business profit taxes less costly
3
Q
Government enterprise
A
government owned and operated
provides good services
inefficient due to regulations
less effective management
4
Q
Social Enterprise
A
focus on social needs high start up costs high op costs uptake in difficult tasks positively impacts world hard to focus on finance
5
Q
Private Limited
A
1-50 shareholders or directors privately selected shareholders must include 'Pty Ltd' most common in Aus expensive to create easier to control limited liability growth potential
6
Q
Public Listed
A
Anyone can join highly complex structure attracts more profit and shares massive growth potential no maximum shareholders must have 'Ltd' in name
