Chp18 Word Scramble
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| Term | Definition |
| 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. |
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dkeenaghan
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