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Chp18

Forms of business

TermDefinition
Sole Trader is a person who owns and runs his own business
Private Limited Company is formed between 1 and 50 people who put together money to start a new business with limited liability
Limited Liability if a private limited company goes bankrupt, the shareholders will only lose the amount they invested in the company.
Co-operative an organisation formed by people who join together to achieve a particular objective that they could not achieve on their own.
Privatisation the sale of a semi-state company by the government
Producer Co-operative owned and run by the customers of the co-operative
Retail Co-operative a group of retailers join together so tat they can buy goods in large quantities from manufacturers
Worker Co-operative owned by the workers in the business
AGM Annual General Meeting
Certificate of Incorporation a document that proves that the business has been registered as a private limited company
Articles of Association document that sets out the internal rules of a company.
Memorandum of Association document that sets out the objectives of a company
Declaration of Compliance signed by each director to show they agree to run the new company properly and will obey all relevant laws
Form A1 The first document that must be completed. Contains details about the new company including its name, address and company secretary.
Unlimited Liability a sole trader is responsible for all the debts of the business
Dividend the amount that is paid to the shareholders out of the net profit each year.
Created by: dkeenaghan
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