business - unit 1
innovation
the introduction of something new e.g. idea, method, product
enterprise
an organisation, project, business, corporation
public owned company
businesses owned by the government
privately owned company
businesses ownded by individuals or sharebolders who aim to make a profit
sole trader
one person who runs, manages and controls a business
partnership
- minimun of 2 individuals
- must have a "deed of partnership" contract
- e.g. vets, doctors, solicitors
public limited company
anybody can buy shares in the business
private limited company
owned by shareholders (have to be invited to join)
franchise
individuals who set up new businesses that are already established who are then paid by the owners in return for shares of profit and the brand name
shareholder
people that own shares of a business
charities & voluntary organisations
businesses that aim to make a surplus (not profit) which will be used to cover expenses and then to support and promote their own cause
tax
- income tax (20% to government)
- VAT (20%)
- national insurance
- corporation