sole trader

Business Terminology

Flashcard
•
Business
•
KG
•
Hard
Cici Lang
FREE Resource
Student preview

60 questions
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1.
FLASHCARD QUESTION
Front
Back
A business owned (and operated) by one person.
2.
FLASHCARD QUESTION
Front
partnership
Back
A business owned by two or more people who share its risks and rewards.
3.
FLASHCARD QUESTION
Front
private limited company
Back
An incorporated business with a minimum of one shareholder, and a maximum of 50 non-employee shareholders, and whose shares are offered only to those people whom the business wishes to have as part owners - is not listed on the ASX.
4.
FLASHCARD QUESTION
Front
public listed company
Back
An incorporated business with a minimum of one shareholder (and no maximum), and whose shares are freely traded on the Australian Securities Exchange.
5.
FLASHCARD QUESTION
Front
unlimited liability
Back
The legal obligation that the business owner has through his or her personal responsibility for all the debts of his or her business.
6.
FLASHCARD QUESTION
Front
limited liability
Back
The condition by which shareholders in a company cannot be held personally responsible for the debts of that business.
7.
FLASHCARD QUESTION
Front
incorporation
Back
The process that businesses go through to become a registered company and a separate legal entity.
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