| A | B |
|---|
| Articles of association | the document gives details about the relationship between the company, its shareholders and its directors |
| Company | a business which has limited liability and is incorporated under the Companies Act |
| Directors | people elected to the board of a company by the shareholders to represent shareholders interests |
| Limited liability | when shareholders of a company are liable for the debts of a company only upo to the value of their shareholding |
| Managers | workers who are responsible for the day to day running of the company. They are answerable to the directors of the company. |
| Memorandum of Association | the document gives details of a company's purpose and its shareholders. It needs to be drawn up in order to get the company registered before it can start trading |
| Private limited company | a joint stock company whose shares are not openly traded on the stock market |
| Public limited company | a company whose shares are sold on the stock market |
| Shareholders | the owners of a company |
