→types of businesses including sole traders, partnerships. privato imited companies, public isted companes social enterprises and government business enterprises Flashcards
what is a sole trader?
a sole trader is a business owned and operated by one person
what is a partnership?
a partnership is a business owned by two or more people generally a maximum of 20
what are private limited companies?
a private limited company is an incorporated business that has a minimum of one shareholder and a maximum of 50 non-employee shareholders, the shares are offered only to those people whom the business wishes to have as part owners
what are public listed companies
a public listed is the company an incorporated business with a minimum of one shareholder (and no maximum), and there shares are openly traded on the Australian Securities Exchange
whats a government business enterprise?
also known as GBE a government business enterprise a type of business that is government-owned and operated.
what is a social enterprise?
A social enterprise is a business that produces goods and services for the market but operates with the primary objective of fulfilling a social need.
what is an incorporation
incorporation refers to the process that businesses go through to become a registered company and a separate legal entity from the owner/shareholder
what is limited liability?
limited liability refers to when the shareholders in a company will not be held personally responsible for the debts of that business
what is liquidation?
liquidation is the process of selling off the assets of a business in order to repay creditors, with any assets remaining to be distributed amongst shareholders
