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SOLE TRADER Powered By Docstoc
					What do they mean?

                        A business that is owned by one
        SOLE TRADER     person. It may have one or more
                        employees. It is the most common
                        form of ownership in the UK.

                        A partnership is a business where two
        PARTNERSHIP     or more people own a company, work
                        together and share the profits or
                        losses on an agreed basis (mostly in
                        equal portions)

                        This means the business finances are
                        separate from the personal finances
                        of their owners.

      LIMITED COMPANY   Shareholders may be individuals or
                        other companies. They are not
                        responsible for the company's debts
                        unless they have given guarantees -
                        for example, a bank loan. However,
                        they may lose the money they have
                        invested in the company if it fails.

                        A Franchise is a right granted to an
                        individual or group to market a
                        company's goods or services within a
                        certain territory or location. Some
                        examples of today's popular
                        franchises are McDonald's, Subway,
                        Domino's Pizza, and the UPS Store.
                        There are many different types of
                        franchises. Many people associate
                        only fast food businesses with
                        franchising. In fact, there are over 120
                        different types of franchise
                        businesses available today, including
                        automotive, cleaning & maintenance,
                        health & fitness, financial services,
                        and pet-related franchises, just to
                        name a few.
                    Freelancing is someone who
                    performs tasks, usually for multiple
                    employers over the course of a year.
                    A freelancer is somewhat like a free
                    agent in professional sports - he or
                    she essentially sell their services to
                    the highest bidder - except that they
                    usually work for more than one
  FREE LANCING      employer.

                    Freelancers may work part-time or
                    full-time. Because they are not
                    considered employers, freelancers
                    are allowed to work for other
                    employers and are usually permitted
                    to perform tasks in their own way, so
                    long as the work gets done to the
                    client's specifications.

                    Social enterprise is a business with
                    primarily social objectives whose
SOCIAL ENTERPRISE   surpluses are principally reinvested
                    for that purpose in the business or in
                    the community, rather than being
                    driven by the need to maximise profit
                    for shareholders and owners.

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