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Aims of and types of business

AB
Unlimited liabilityBeing responsible for paying all the debts of the business - even if it means selling your personal possessions
Limited liabilityWhere the business owner is not liable for all the debts of the business - just the amount invested
PartnershipA group of individuals working together in a business with the aim of making a profit
plcPublic Limited Company
ltdPrivate Limited Company
Mission StatementA summaryu of the aims and objectives of a business
Sole TraderAn individual who has set up in business on his or her own
ShareholderAn owner of a limited company who has invested money in the business in return for a share of the profits
Active PartnerA person who is involved in the day to day running of a partnership
Sleeping PartnerA person who is not involved in the day to day running of a partnership but has invested money into the business
TakeoverWhere a shareholder owns the majority of shares in a business
Partnership AgreementA written agreement setting out the rights of individual partners in a partnership
Partnership ActThe law that sets out the rights of individual partners if there is no Partnership Agreement
DividendThe return a shareholder receives for investing in a limited company
DirectorAn employee who is responsible for the successful management of a limited company
Memorandum of AssociationA document that sets out the activities of a company
Articles of AssociationA document that sets out the rules of a company - how it should be run
Trading CertificateA document issued that lets a business start trading
Companies HouseBased in London - this is where all limited company documents have to be sent
Stock ExchangeThe place where shares in a plc can be bought

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