Key Business Studies Terms
|Business |an organisation that buys and sells goods, makes products or provides services | |[pic]Public sector |businesses that are owned by the government and provide the community with essential goods | | |and services. | |[pic]Substitute |A good that can serve as a replacement for another. | |[pic]Incorporated |A registered business that acts as a separate entity (company); the owners have limited | | |liability | |[pic]Partnership |An unincorporated private business with two or more owners | |[pic]Partnership agreement |When a partnership is formed and the rights and obligations of the partners set out in a | | |formal legal document | |[pic]Limited partnership |A form of partnership in which some partners have limited liability | |[pic]Companies |A legal entities that are separate from their owners | |[pic]Limited liability |Responsibility for company debts is limited to the amount of funds they have invested | |[pic]Company tax |Flat rate of tax, levied at 30 cents in the dollar | |[pic]Proprietary company |A private company. Shareholders have limited liability | |[pic]Private company |An incorporated company with between one and 50 shareholders. Shares can only be sold | |...
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