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Starting a Business

QuestionAnswer
Sole trader A business set up, owned and run by one person, e.g. farmer, chemist
Private limited company A business set up by 1–149 people e.g. River Island, Zara.
Partnership A business set up, owned and managed by 2–20 people, e.g. doctors, solicitors
Unlimited liability If the business goes bankrupt then the person is totally responsible and liable for paying all the debts.
Continuity of existence The company continues to operate even if shareholders leave/die.
Deed of partnership A written legal contract outlining the conditions of the partnership.
Shareholders The people who is an owner in a private limited company.
Limited liability The owner cannot be held personally liable for the debts of the company.
Companies Registration Office- CRO Where shareholders register their company and send annual returns to.
Certificate of incorporation Legal document that brings the company into existence.
Created by: amharney
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