1.5 Entrepreneurs & Leaders

• Sole trader - a business owned and controlled by one person, who is responsible for all decisions and actions.
• Partnership - two to twenty people owning the business together, as outlined in a partnership contract, with shared responsibilities , profits and losses.
• Private Limited Company (Ltd) - a company which sells shares only to those who are invited to buy them.
• Public Limited Company (Plc) - a company which sells shares on the stock market (to anyone).
• Limited Liability Partnership (LLP) - a hybrid between a limited company and a traditional partnership, where partners have limited liability but can still be taxed as individuals.
• Social Enterprise - A business that is set up to achieve a social or environmental goal
• Entrepreneur - a person who takes the risk of setting up a business