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Level 34

Legal Structures of Companies


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Sole trader
A business that in owned and run by one person, with unlimited liability.
Partnership
A business owned and controlled by two to twenty people who have entered into a formal agreement
Unlimited liability
Where the owner of a business is personally liable for all business debts
Limited liability
Where a business owner is only liable for the original amount of money invested in the business
Unincorporated business
Those businesses where there is no legal difference between the owner and the business
Incorporated business
Where the business has a separate legal identity from that of its owners
limited partnership
a partnership consisting of two classifications of partners: general partners who control the operation of the business and are personally liable for the debts and activities of the business and limited partners who hav…
Franchise
Where a business (the franchisor) allows another operator (the franchisee) to trade under their name
Stock market
A market for (place to buy and sell) shares in PLCs
Float
The process of a company 'going public', turning from a LTD company to a PLC
joint venture
a partnership consisting of two or more existing businesses whose partnership is limited to a specific project
AGM
Annual General Meeting: held by the Board of Directors of a company where shareholders can vote on business decisions
Dividend
A share of profits or property; usually a payment per share of a corporations stock.
Deed of partnership
A binding legal document which states the formal rights of partners