Types of businesses Flashcards
Sole trader
An individual owner of a business, entitled to keep all profits after tax has been paid but liable for all losses
Partnership
A legal form of business ownership where two or more people (partners) work together with a view of making a profit
Private limited company
A business owned by private shareholders, not listed on the stock exchange, with limited liability.
Public listed company
A company that is listed on the Australian Securities Exchange (ASX) and offers its shares to the general public
Social Enterprise
A private sector business that distributes profit to benefit the community rather than individual shareholders
Government business enterprise (GBE)
A business that is government owned and operated. GBEs seek to run profitably by controlling costs and selling their goods and services at a price to cover costs
