Sole trader
To have control of a business and decide how you manage it
To run a business
A partner leaves the partnership because he or she reaches a certain age, for example 65 years old.
Retirement
T decide tpo leave thye job for other reason
Resignation Resign
Having business under the name? The name that the partnership will use fot its business.
Trade under the name
The owner runs the business himself or herself and does not have a boss.
How do we name the owner of the business?
A sole trader Sole trader
if the business does well and makes money, that money belongs to the owner
Change the word "money" to its synonym
Profit
The end of a parnership
Dissolve
Thee opposite of profit
losses
Business owner's personal property
Personal assets
If you make a profit you will have to pay part of it to the government.
How we call the part of the profit paid to the government?
Tax
If the business fails, the owner is fully responsible for all the business debts. This is called _______
Unlimited liability
How do we call the agreement made between partners?
partnership agreement
A payment of the company's profits to its shareholders
Divident
To put money into a company by buying shares in the company
Invest money
Contribute
To create a debt because you borrowed money or bought something on credit
To run up a debt
The owner is completely responsible for the business
Change the word responsible for to its synonym
Liability
Liable for/to
Weeks' or months' warning a partner has to give to the other partners before he or she actiually leaves the partnership
Notice period
Contribute means the same as ______
Invest
The owner's word is final. The owner has full control over how he or she runs the business. Having full control over the business
Management
A partner who contributes money to the partnership but does cnot take part in the management of the business. He or she receives a share of the partnership profits. This partner is also known as a dormant partner or a silent partner.
Sleeping partner
It is very easy to start the business and you can begin to trade immediately
Change the verb TO START to its synonym
To set up
A partner who receives a share of the partnership profits and has the right to take part in the management of the business
Equity partner
Advance payment of a partner's share of the profits
This money out of the partnership bank account for his or her own use each month, rather than having to wait until the end of the year before receiving a share of the profits
Drawings/draws
A partner who receives a fixed amount of money each year, called a salary, paid in monthly instalments.
Salaried partner
To force someone to leave the partnership because he or she has done something really bad
To expel