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Buss1 Key Terms AS

Buss1 Business Structure & Sources of Finance

QuestionAnswer
A feature of unincorporated businesses where the owners are personally liable for all debts incurred by a business. All sole traders and most partnerships have unlimited liability. Unlimited Liability
A feature of incorporated businesses such as private and public limited companies, which means that the owners’ liability is limited to the amount they have invested in the business. Limited Liability
Describes a situation in which the owners (often the shareholders) are not the same people as those controlling the business on a day-to-day basis (often the managers). Separation of Ownership and Control
A temporary arrangement which allows the business to draw out more money than is in its account, up to an agreed limit. Overdraft
A good source of finance for assets such as machinery and equipment and other start-up costs. Loan
The process of forming a limited liability company. The process involves creating a separate legal identity for the business, and the creation of shares, or equity. Incorporated
Usually a professional investor, often another company, interested in high growth, high risk businesses, who will invest an amount into a business in return for shares, and an expectation for a high return. Venture capitalists are usually interested in la Venture Capitalist
A wealthy, entrepreneurial individual willing to invest in a small, high risk business who expects a high return. The business is likely to have high growth potential. Business Angel
An individual or group with an interest in a business. Stakeholders include employees, management, shareholders, customers, suppliers and competitors. Stakeholder
One who is employed for a fixed period or periods of time. Often these workers are seasonal workers and may work full or part time. They rarely have the same benefits as permanent employees such as pensions or health insurance. Temporary Employee
Businesses or individuals who provide professional advice or services for a fee. Often the advice is on how to make the small business more successful or to deal with a specific problem. Consultants
Created by: carole appleton