First year

• Sole trader - one person owns the whole business
• The main types of businesses are sole traders, partnerships, private limited companies (LTD) and public limited companies (PLC)
• A business is an organisation that aims to make money by providing goods or services
• Limited company - separate legal entity owned by shareholders, directors manage it
• Partnerships are when two or more people run a business together as partners.
• A sole trader is an individual who runs their own business alone.
• Partnerships are when two or more people run a business together as partners.
• Private Limited Company (Ltd) - shares cannot be sold on stock market, only to existing shareholders
• Partnership - two or more people owning and running the business together
• Entrepreneurs take risks with their time and money to start up new ventures
• An entrepreneur is someone who starts their own business
• Businesses can be small, medium-sized enterprises (SMEs), large corporations or multinational organisations
• Private Limited Companies (Ltd) have shareholders but they cannot sell shares to the general public.
• A sole trader owns and runs the business themselves
• Sole traders have unlimited liability which means they can be held responsible for all the debts of the business
• Public limited company (plc) - can sell shares on the stock exchange