Business 2.1- forms of business
Define franchise
A franchise is a business that gives the right to another person or business to sell goods or services using its name.
Define a sole trader
A sole trader (proprietor) business exists when, even though there may be a number of employees, there is only one owner.
Define partnership
A partnership is a type of business that has 2 or more owners. They decide to set up and run a business between them.
Define a private limited company
A business that is owned by its shareholders, run by directors and where the liability of shareholders for the debts of the company is limited.
Define a public limited company
A public limited company offers shares to the general public and has limited liability.
Define social enterprise
A social enterprise or social business is defined as a business with specific social objectives that serve its primary purpose.