Organisation. growth and location of business OCR key terms

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Key terms with definitions
dannistar26
Flashcards by dannistar26, updated more than 1 year ago
dannistar26
Created by dannistar26 over 10 years ago
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Incorporated A form of business organisation which is a separate legal entity. It has limited liability and it owned by shareholders
Unincoporated A type of business organisation which has unlimited liability
Co-operatives Trading organisations where a number of independent producers work together as though they are a single larger business
Sole Proprietor (Sole trader) One person owns the business
Partnership A form of unincorporated business organisation which is owned by between 2 and 20 people
Unlimited liability Owners of the business are liable for its debts
Bankruptcy Affects individuals and unincorporated businesses when liabilities are greater than assets
PLC Public limited company A business owned by shareholders. Shares in business can be bought and sold (on the stock market) without restriction
LTD Private Limited Company A business owned by shareholders. Shares cannot be sold on the stock market
Limited Liability The owner of the business does not risk losing personal possessions in order to pay of debts of the business
Insolvency A limited liability company is said to be insolvent when liabilities are greater than assets
Entrepreneur A person who sees a business opportunity and who accepts the risks involved in running a business
Merger Two or more businesses join together to make one larger business
Take-over One business buys control of another
Horizontal Merger or takeover of another business involved in the same industry at the same stage of production
Vertical Merger or takeover of another business involved in the same industry at a different stage of production. The merger or takeover can be backwards or forwards
Diversification The process of spreading risks by reducing dependence on one particular product or service
Conglomerate Merger or takeover of another business which is involved in a totally different business activity.
Footloose A business is able to locate anywhere it chooses
Uniform Business Rates A type of tax paid by businesses to cover the cost of providing local services
Grants Payment of money for a specific purpose, which does not usually have to be paid back. Granst may be available from the EU, central government or local authorities to help businesses improve employment opportunities.
Infrastructure The name given to basic services needed by a business in order for it to operate effectively. For example, transport, power supplies, telephones and water supplies
Greenfield site Industrial or commercial development in an area that has not previously been built on
Brownfield site Industrial or commercial development in an area that was previously derelict or occupied by another industrial activity
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