Types of Business and Ownership – Junior Cert Business Terms

Junior CertificateBusiness Studies

Goods – can be physically weighed or measured

Services – tasks that people or machines perform

Producer – a business that gathers raw products in their natural state

Processor – changes raw materials into more finished products

Manufacturers – businesses that make finished products out of processed goods

Intermediarybusiness that moves goods from one business to another

wholesaler – distributes goods

retailer – purchases goods from a wholesaler and resells them to the consumer

sole proprietorship – a business owned by only one person

unlimited liability – full responsibility for your company’s debts

partnership – a business owned by two or more persons who share the risks and rewards

corporation – a business owned by many people but treated by law as one person

stock – shares of ownership in your corporation

Limited liability – if the company looses money then the stockholders lose only what they invested

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