Ownership Options (Leaving Cert Business): Flashcards
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Practise the cards
10 cards from this deck
Four main ownership structures in Ireland
Four main ownership structures in Ireland
Sole trader, partnership, private limited co., co-operative
Sole trader definition
Sole trader definition
Business owned & controlled by one person
Main risk of sole trader status
Main risk of sole trader status
Unlimited liability - personal assets at risk
Partnership member range
Partnership member range
2 to 20 people (no max for law/accountancy firms)
Partnership key feature
Partnership key feature
Multiple owners share profits, losses & decisions
Private limited company shareholder range
Private limited company shareholder range
1 to 149 shareholders
Limited liability meaning
Limited liability meaning
Personal assets protected from business debts
Corporation tax rate for Ltd companies in Ireland
Corporation tax rate for Ltd companies in Ireland
12.5%
Minimum members for co-operative
Minimum members for co-operative
7 members
Co-operative voting system
Co-operative voting system
One member one vote (equal voting rights)