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level: Level 1

Questions and Answers List

level questions: Level 1

QuestionAnswer
sole traderis a business owned by one person
limited liabilityliability of shareholders in a company is only limited to the amount the invest in
unlimited liabilityowners of a business can held responsible for the debts of the business they own
partnershipis a form of business in which two or more people agree to jointly own a business
partnership agreementlegal and written agreement between business partners. Isn't essential but recommended
unincorporated businessesbusiness that does not have a separate legal identity for example sole traders and partnerships
incorporated businessescompanies that have separate legal status from their owners
shareholdersowners of a limited company. they buy shares that represent part ownership of a company
annual general meetingLegal and required meeting for all companies. shareholder may attend and vote on who they want on the board of directors for the coming year
dividendsPayments made to the shareholders from the profits(after tax) of the company. They return to the shareholders for investing in the company
franchiseBusinesses based upon the usage of the brand name, potential trading methods of an existing successful company. The franchisee buys the license to operate this business from the franchisee.