SOLE TRADER – someone who owns and controls their own business
UNLIMITED LIABILITY – you must pay off the debts of the business - even if you have to sell your possessions
LIMITED LIABILITY – business owners can only lose what they put into the business
PARTNERSHIP - a business organisation with between 2 and 200 members
SLEEPING PARTNER - puts money into a business, takes no part in its management, receives limited liability
DEED OF PARTNERSHIP - the legal contract which governs how a partnership will be owned and organised
PRIVATE LIMITED COMPANY – a business whose shares can not be advertised or sold on the Stock Exchange
PUBLIC LIMITED COMPANY – a business whose shares can be advertised or sold on the Stock Exchange
SHAREHOLDERS - the owners of a company
MANAGERS – workers who are responsible for the day to day running of a company
ARTICLES OF ASSOCIATION – the internal rules of a company
MEMORANDUM OF ASSOCIATION – how a company presents itself to the outside world
INCORPORATION – legal separation in limited companies of the individuals in the company and the company itself.
RETAIL CO-OPERATIVE - a business owned by its customers
WORKER CO-OPERATIVE – a business owned, and run, by its workers
FRANCHISE – the right given by one business to another to sell goods or services using its name
FRANCHISEE - the business which buys the use of the name
FRANCHISOR - the business which sells the use of the name
MULTI NATIONAL COMPANY - a business with branches in more than one country
PUBLIC CORPORATION – a business owned by the government
NATIONALISATION – when the government buys a business from the private sector
PRIVATISATION – when the government sells a public corporation back to the private sector