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Types of companies

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