types of businesses

Question 1

sole trader

Answer 1

a sole trader is a business structure owned and
operated by a single person. sole traders are. unincorporated and therefore have unlimited liability for all business debts

Question 2

partnership

Answer 2

a partnership is a type of business owned by 2-20 owners. partners are responsible for funding the business and have unlimited liability for all business debts.

Question 3

private limited company

Answer 3

a private limited company is an incorporated business with at least one director and up to 50 selected shareholders. a private limited company is considered a seperate legal entity to the owners.

Question 4

public listed company

Answer 4

a public listed company is an incorporated business that can sell shares in an open market to an unlimited number of shareholders. an example is Woolworths

Question 5

social enterprise

Answer 5

a social enterprise is a business that aims to make a profit and improve the community or environment. an example of a social enterprise is thank you water.

Question 6

government business enterprise

Answer 6

GBE is a profit driven business that is owned by but managed separately from the government. a GBE has to fulfil a specific purpose outlined by the government. while remaining profitable, e.g Australia post.