| A | B |
|---|
| sole trader | a person who owns their own business |
| partnership | two or more people who own a business together |
| franchise | a business that has sold the rights to use its name to other businesses |
| company | a business which has shareholders, directors and managers |
| owner | a person who owns a business |
| director | person who runs a company on behalf of shareholders |
| manager | person who takes care of the day to day running of a business |
| shareholder | a part owner of a company who has the right to appoint directors |
| controls | things that are in place to keep the business honest |
| daily decisions | decisions that are made on a day to day basis |
| strategic decisions | decisions that are made about how the business is run |
| audit | a check of a business accounts |
| liability | money owed to someone |
| joint liability | money that is owed by two or more people to someone |
| debt | money owed to a creditor |
| hierarachy | the structure of a business from the people at the top to the bottom |
| contract | a legal agreement between two or more parties |
| AGM | Annual General Meeting of a company which shareholders may attend |
| creditor | a person who is owed money by a business |
| personal assets | things that a person owns that are not part of the business |
