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Business Org
Key terms associated with business organisatioms
| Term | Definition |
|---|---|
| Sole Trader | a business set up, owned and run by one person, e.g. a local hairdressers or chemist. |
| Partnership | a business set up, owned and run by between two and twenty people with the intention of making a profit |
| Private Limited Company | : a business which may have between 1 and 99 shareholders, who operate the business with the benefit of limited liability |
| Cooperative | : businesses set up by at least seven members who democratically control the enterprise for their own benefit |
| Limited Liability | This means that the shareholders are not personally liable and can only loose the amount of their original investment, if the business fails. |
| Memorandum of Association | This outlines the relationship of the company with the public. |
| Articles of Association | this contains the internal rules for running the company such as how to appoint the director or conduct the meetings. |
| Form A1 | This includes a list of all directors and a signed statement that the company will apply with the provision of the Companies Acts 1963- 2009. |
| Certificate of Incorporation | Birth Certificate of a company |
| Semi State | These are businesses owned, financed and controlled by the State on behalf of the taxpayer. E.g. RTE, VHI, CIE. |
| Continuity | Whether or not the business will continue to exist after the death of the owner |
| Public Limited Company | Owned by at least seven shareholders who benefit from limited liability. The company can raise funds by selling shares on the Stock Exchange. |
| Franchising | means the renting of a complete business idea, including name, logo and product to someone else. E.g. McDonalds. |
| Alliance | occurs when two or more firms agree to cooperate in the establishment of a project or business together. They remain separate companies but share skills |
| Indigenous Industry | are businesses set up, owned and managed by Irish people. Their main place of business is Ireland yet they may export to other countries |
| Transnational Company | has its controlling head quarters in one country and branches in many other countries/ operate on a world-wide scale. |
| Privatisation | is the selling off of state owned enterprises to the private sector. |
Created by:
jennymarshall
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