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What does unincorporated business mean?
There is no legal difference between the owner and the business
What does incorporated business mean?
It has a separate legal identity from the owner
Sole traders have ... liability
Unlimited
How many people are there in a partnership?
Between 2 and 20 people
Which document states the formal rights of partners?
Deed of partnership
Who is a franchisee?
A person who opens a franchise (trades under someone's name and logo)
Who is a franchisor?
The main owner of a franchise
What does a social enterprise aim to do?
To improve human or environmental well-being
The owners of limited companies have ... liability
Limited
Are limited companies incorporated or unincorporated?
Incorporated
Ltd stands for
Private limited company
What does memorandum of association state?
Details of the company (e.g. name, address, objectives)
What do articles of association state?
Internal running of the company (e.g. rights of shareholders)
Can shares of private limited companies be sold in the stock market?
No
What does PLC stand for?
Public limited company
Can shares of public limited companies be sold in the stock market?
Yes
