Forms of Ownership (Grade 10 NSC Matric Business Studies): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Form of ownership
Form of ownership
Legal position of a business and how it is owned
Sole proprietor
Sole proprietor
A business owned and run by one person
Partnership
Partnership
Two or more people working together in business
Non-profit company purpose
Non-profit company purpose
Organisation focused on social or charitable purposes
Co-operatives
Co-operatives
Jointly-owned businesses controlled democratically by members
Limited liability
Limited liability
Personal assets protected if the business fails
Unlimited liability risk
Unlimited liability risk
Could lose personal belongings to pay business debts
Continuity in business
Continuity in business
Business can continue even if ownership changes
Profit organisations' primary aim
Profit organisations' primary aim
Generate profit for owners/shareholders
Non-profit organisations' tax status
Non-profit organisations' tax status
Often exempt from certain taxes