Types of Businesses (VCE SSCE Business Management): Flashcards
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Practise the cards
10 cards from this deck
Type of economy in Australia
Type of economy in Australia
Mixed market economy
Sole trader liability type
Sole trader liability type
Unlimited - personally responsible for all business debts
Min & max partners in a partnership
Min & max partners in a partnership
Minimum 2, maximum 20
Does a partnership have perpetuity?
Does a partnership have perpetuity?
No - ends if partner leaves, dies or becomes incapacitated
What is a company legally?
What is a company legally?
A separate legal entity created through incorporation
Pty Ltd shareholder limits
Pty Ltd shareholder limits
Min 1, max 50 non-employee shareholders
Min directors for public listed company (Ltd)
Min directors for public listed company (Ltd)
At least 3 directors, 2 must reside in Australia
Primary aim of social enterprise
Primary aim of social enterprise
Achieve social/environmental outcomes, not max profit
Who owns a GBE?
Who owns a GBE?
Government (federal, state or territory)
Company shareholder liability type
Company shareholder liability type
Limited - only liable up to value of their shareholding