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Forms of Business
Sole trader, Limited companies, co-operatives & state-owned
| Term | Definition |
|---|---|
| Sole trader | person who owns, manages and provides capital for a business. In return they keep all the profits but have unlimited liability |
| Unlimited Liability | means that should the business go bankrupt then the shareholders can lose their private assets to pay for any debts that business may have |
| Private Limited Company (Ltd) | a business owned by shareholders (1 to 50) who provide the capital for a business and receive a dividend in return. |
| Dividend | return for buying shares, its calculated as a percentage of issued share capital |
| Co-operative | a business set up and rum by the members who share a common interest |
| State-owned Companies | formed as a result of an act of the Dáil and owned by the state |
| Privatisation | government sells a State-owned company to the private sector |
| Nationalisation | the government buys or takes over a private company |
| Public private partnerships | are business partnerships between government bodies an the private sector |
| Producer co-operatives | mainly agricultural co-ops which collect raw materials from farmers process it and sell the finished product |
| Consumer Co-operatives | buy directly from manufacturer and sell to members and non members |
| Worker C o-operatives | set up where a business closes down and workers get together to form a worker co-op |
| Financial Co-operative | e.g. Credit Union, which encourage savings and providing loans |
| Memorandum of Association | document needed when forming a private limited company, it sets out the relationship of the company to the general public |
| Articles of Association | the internal rules a regulations of the company, also need when forming a private limited company |
| Form A1 | declaration of compliance with Companies Acts |
| Certificate of Incorporation | birth certificate of the company, it gives the company a separate legal identity to the shareholders |
| Board of Directors | elected by shareholders to run the company |
| Managing Director | elected by board of directors |
| AGM | Annual General meeting, yearly meeting required by law of a private limited company |
| Issued Share capital | amount of shares the company has sold |
Created by:
MsBradyJCBSTU
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