Business IGCSE Definitions to Learn S1Ch04

(a)   is a business owned by one person.

(a)   is a form of business in which two or more people agree to jointly own a business.

(a)   means that the owners of a business can be held responsible for the debts of the business they own. Their liability is not limited to the investment they made in the business.

(a)   is the written and legal agreement between business partners. It is not essential for partners to have such an agreement but it is always recommended.

(a)   is one that does not have a separate legal identity. Sole traders and partnerships are unincorporated businesses.

(a)   are companies that have separate legal status from their owners.

(a)   are the owners of a limited company. They buy shares that represent part-ownership of the company.

(a)   are businesses owned by shareholders but they cannot sell shares to the public.

(a)   are businesses owned by shareholders but they can sell shares to the public and their shares are tradeable on the Stock Exchange.

(a)   is a legal requirement for all companies. Shareholders may attend and vote on who they want to be on the Board of Directors for the coming year.