business studies chapter 4
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business studies chapter 4 - Leaderboard
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| 🇬🇧 | 🇬🇧 |
| Sole trader | Is a business owned by one person |
| Limited liability | Liability of shareholders in a company is only limited to the amount the invest in |
| Unlimited liability | Owners of a business can held responsible for the debts of the business they own |
| Partnership | Is a form of business in which two or more people agree to jointly own a business |
| Partnership agreement | Legal and written agreement between business partners. Isn't essential but recommended |
| Unincorporated businesses | Business that does not have a separate legal identity for example sole traders and partnerships |
| Incorporated businesses | Companies that have separate legal status from their owners |
| Shareholders | Owners of a limited company. they buy shares that represent part ownership of a company |
| Annual general meeting | Legal and required meeting for all companies. shareholder may attend and vote on who they want on the board of directors for the coming year |
| Dividends | Payments made to the shareholders from the profits(after tax) of the company. They return to the shareholders for investing in the company |
| Franchise | Businesses based upon the usage of the brand name, potential trading methods of an existing successful company. The franchisee buys the license to operate this business from the franchisee. |