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Terms in this set (28)
A business owned and operated by one person
A business set up and managed by between 2 and 20 owners called partners.
Private Limited Company
A business set up set up by 1-149 people called shareholders.
Legal protection for one's personal assets from business law suits.
The owners of a corporation are not personally liable for its obligations
A business owner is responsible for all losses experienced by the business.
An asset that a bank hold as security for the repayment of a loan
Deed of Partnership
A binding legal document which states the formal rights of partners.
An individual who owns shares of a corporation.
The people elected by the shareholders to manage the running of the business.
Tax on profits made by a business
Producing a one-off item specially designed for the customer
a manufacturing operation that produces goods in large batches in standard lot sizes
Process of making large quantities of a product quickly and cheaply
Less than a year
A relatively long period of time, generally more than 5 years.
Permission from your bank to spend more money than you have in your current account
The practice of buying goods and services now and paying for them later.
Method of purchasing assets and paying in instalments over time until given the option to purchase.
Renting a product while ownership title remains with the lease grantor
a sum of money given by an organization, especially a government, for a particular purpose.
A long term loan used by a company, secured on the company's assets which must be repaid at some date in the future. Rate of interest fixed yearly,.
money raised by a business or investor in exchange for a share of ownership
of the company
A formal written document that describes the nature of a business and how it will operate.
a detailed written description of all marketing activities within a business
- review of pricing, resources, competitors' activities
The details of how a product or a service is to be developed and produced for consumption.
A section in a business plan outlining how the company will be financed.
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