AQA AS BUSS 1 key terms for Choosing the right legal structure for the business

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Unincorporated business: there is no distinction in law between the individual owner and the business itself. The identity of the business and the owner is the same. Such businesses tend to be sole traders of partnerships.
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
TSR Jessica
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Sorry you've not had any responses about this. Are you sure you’ve posted in the right place? Posting in the specific Study Help forum should help get responses.

I'm going to quote in Puddles the Monkey now so she can move your thread to the right place if it's needed. :yy:

(Original post by Puddles the Monkey)

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