AQA AS BUSS 1 key terms for Choosing the right legal structure for the businessWatch
Incorporated Business: this has a legal identity that is separate from the individual owners. As a result, these organisation can own assets, owe money and enter contracts into their own right. Such businesses include private limited companies and public limited companies.
Unlimited Liability: a situation where the owners of a business are liable for all the debts that the business may incur.
Limited Liability: a situation in which the liability of the owners of a business is limited to the fully paid-up value of the share capital.
Sole trader: a business owned by one person. The owner may operate on his or her own or my employ other people.
Partnership: a form of business in which two or more people operate for the common goal of making a profit.
Private Limited Company: a small to medium- sized business that is usually run by the family or the small group of people who own it.
Public Limited Company: a business with limited liability; a share capital of over £50,000 at least two shareholders, two directors, a qualified company secretary; and, usually, a wide spread of shareholders. It has ‘plc’ after the company name.
Ownership: providing finance and therefore taking risks
Control: managing the organisation and making decisions.
Stakeholders: any group of individuals with an interest in a business. This includes employees, customers, shareholders and the local community
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