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business
chap 16
| Term | Definition |
|---|---|
| sole trader | a person who owns and runs his or her own business |
| private limited company | formed between 1-50 people who put up money to establish a new business with limited liability |
| limited liability | if a private limited company goes bankrupt the shareholders will only loose the amount they invested into the company |
| certificate of incorporation | writen proof that the company has been registered as a private limited company |
| annual general meeting | a meeting with shareholders |
| co-operative | organisations formed by people joining together to achieve an objective that they could not achieve as individuals |
| producer co-operative | a group of people that contribute money to set something up |
| retail co-operative | a group of people that join together to purchase goods directly from the manufacturer to get discounts and lower prices |
| worker co-operative | a group of workers that join together and start a co-operative business |
| state ownership | semi-state or state sponsored bodies are companies and other organisations owned by the state |
| privatisation | the sale of state companies by the government |
| board of directors | run the company on the shareholders behalf |
| managing director or chief executive | runs the company on day to day bases |
Created by:
zaweckute
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