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Types of Business

Different types of business ownership

TermDefinition
Capital expenditure This is on one off items such as premises (LONG TERM)
Current expenditure This is everyday/regular spending that keeps the business running such as wages. (SHORT TERM)
Limited liability This means that shareholders are not personally responsible for business debts. They only lose what they invested into business.
Unlimited Liability This means all debts of the business falls on them. Their personal property can be taken to cover debt. E.g. House, Car.
Sole trader A business is owned and run by one individual. E.g. An Accountant, Plumber
Private limited company A business that is owned by between 1 and 149 shareholders
A shareholder A person who owns one or more shares in a company.
Dividends This is the term used for the profits given to shareholders of the company
Public Limited Company A business whose shares can be traded on the stock exchange and bought and sold by members of the general public. 7 shareholders minimum, no maximum number of shareholders
CRO stands for Companies registration office
AGM stands for Annual General Meeting
Co-operative A business that is owned by its members and run for their benefit.
Producer co-operative A cooperative THAT produce the raw materials that will become the products sold by the business. E.G Farmers set up Irish food cooperative.
Consumer co-operative A cooperative of people who want to buy or access its goods or services. They join together. E.g. Credit union, The Cope shop
Worker co-operative A cooperative created by the people who work in the business. E.g. Supervalu closes – workers go together to keep it going.
Franchise This is when a business sells their license agreement and allows a another individual to sell an existing business’s goods or services in a particular location, in return for a percentage of the profits. E.g. starbucks
A state owned body A business that is owned by the government.
Created by: mcurran
Popular Business sets

 

 



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