Types of Business Flashcards

1
Q

Three types of business

A

sole trader
partnership
company

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2
Q

What kind of business
a single proprietor owns the business, takes all the risk and enjoys all the rewards of the business

A

sole trader

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3
Q

What kind of business
the relation which subsists between persons carrying on business in common with a view of profit

A

Partnership

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4
Q

What kind of partnership
no separate legal identity, regulated by partnership act 189-

A

general partnersihp

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5
Q

What is described
a legal entity registered as such under the companies act 2006

A

Company

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6
Q

What kind of company states
memorandum states it is public and that it has complied with registration procedures for a company. it may offer shares and other securities for sale to the public at large

A

public compnay

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7
Q

What is described
not registered as public, not offer securities to the public at large

A

private compnay

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8
Q

All companies must have at least

A

one shareholder

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9
Q

Public companies must have at least

A

two directors and £12,500 in share capital paid up at registration

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10
Q

what is described
separate business may be limited company formed when two or more businesses take a financial stake and management is provided as agreed

A

joint venture

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11
Q

What is described
Permission given to another company to manufacture or sell a product, or to. Use brand name. Most commonly a franchise, involves an annual fee plus minimum order for goods, usually at a discount

A

Licenses

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12
Q

What is described
informal or weak contractual agreement between parties or a minority cross shareholding arrangement

A

Strategic alliances

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13
Q

What is described
can be used as the distribution channel where local knowledge and contacts are important. agreements may be restricted to marketing and product support

A

agents

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14
Q

what type of organisation is this a disadvantage of
Disagreements between venture partners over management and marketing strategy

A

JV

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15
Q

what type of organisation is this a disadvantage of
Venture partners may gain confidential info about each other which could be used competitively

A

JV

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16
Q

what type of organisation is this a disadvantage of
Profits have to be shared among the venture partners

A

JV