Section 1

Someone who sets up a business on their own

Where two or more people join together to form a business

A business which has its own legal identity. It can own items, sue and be sued. It is owned by means of shares bought privately by people to set up the business.

A business which has its own legal identity. It can own items, sue and be sued. It is owned by means of shares publicly bought by people to set up the business

A person or an organisation that owns a part of a business. Each shareholder owns a share of the business

The people and organisations impacted by and affect a business

Measures the difference between the values of a business’s sales and total costs

This means that the personal possessions of the owners of a business are at risk if there are any problems. There is no limit to the amount of money the owner(s) may have to pay out.

A general term for money

An agreement between partners that sets out the rules of the partnership