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Business
Business(Forms of ownership)
| Question | Answer |
|---|---|
| What is a sole trader? | A business which is owned by one person who provides the money to set up the business, makes all the decisions and keeps all the profit and suffers all the losses |
| What is a private limited company? | A business which is owned by between one and 50 people called shareholders. The profit is shared out between them and they only stand to lose what they invested in the company. The letters Ltd have to appear after the business name |
| what is limited liability? | Shareholders in a private limited company can only lose what they invested in the company |
| What is a co-operative? | A business which is owned by members for the members' benefit. Each member has equal say in the co-operative |
| What is state ownership? | A business which is owned by the government. Any profit made is given back to the government |
| Give an example of a state owned business | An Post |
| Give an example of a co-operative | Tallaght Credit Union |
Created by:
Chimozukee
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