| sole trader | is a business owned by one person |
| limited liability | liability of shareholders in a company is only limited to the amount the invest in |
| unlimited liability | owners of a business can held responsible for the debts of the business they own |
| partnership | is a form of business in which two or more people agree to jointly own a business |
| partnership agreement | legal and written agreement between business partners. Isn't essential but recommended |
| unincorporated businesses | business that does not have a separate legal identity for example sole traders and partnerships |
| incorporated businesses | companies that have separate legal status from their owners |
| shareholders | owners of a limited company. they buy shares that represent part ownership of a company |
| annual general meeting | Legal and required meeting for all companies. shareholder may attend and vote on who they want on the board of directors for the coming year |
| dividends | Payments made to the shareholders from the profits(after tax) of the company. They return to the shareholders for investing in the company |
| franchise | Businesses based upon the usage of the brand name, potential trading methods of an existing successful company. The franchisee buys the license to operate this business from the franchisee. |
