Business Law - Short Definitions PDF

BUSINESS LAW - short - defs Ucz si tylko w https://quizlet.com/_9u2cgr 1. partnership agree- written document what sets out in details the rela- ment/partnership deed tionship between the business partners and their indi...

BUSINESS LAW - short - defs Ucz si tylko w https://quizlet.com/_9u2cgr 1. partnership agree- written document what sets out in details the rela- ment/partnership deed tionship between the business partners and their individual obligations and contributions to the part- nership 2. drawings advance payment of a partner's share of profit 3. balance sheet financial statement that summarizes a company's assets and liabilities 4. assets things that you own and which have a financial value; e.g. house money cars 5. liabilities company's legal debts or obligations that arise during the course of business operations 6. income tax amount of income that you have to pay to the government in tax 7. legal personality be capable of having legal rights and duties such as to enter into contracts sue and be sued 8. legal entity it is a company which exists as a separate being, separately from its owners 9. incorporated business business which has its own legal personality, i.e. is a legal entity 10. members shareholders - people or companies who own shares in the company 11. shareholders owners of the company ( just like the members 12. share certificate legal document that certifies ownership of a spe- cific number of shares of stock in a corporation 13. share a piece of ownership in a company 14. sole trader person who owns and runs an unregistered busi- ness by himself/herself 1/4  BUSINESS LAW - short - defs Ucz si tylko w https://quizlet.com/_9u2cgr 15. partnership An unincorporated business in which two or more persons combine their assets and skills 16. dividend payment of the part of company's profits to its shareholders 17. issued share capital the value of the shares that the company has issued to shareholders 18. single-member compa- company with only one shareholder ny 19. Annual Tax Return tax form you sent to tax office every year 20. Annual Return a document containing up-to-date information about a company 21. private limited company company owned by a person or a group of people who do not sell shares to the public; shareholders have limited liability 22. public limited company company whose shares can be bought on the stock exchange; shareholders have limited liability 23. LLP limited liability partnership 24. plc abbreviation which appears at the end of the name of public limited company 25. Ltd. abbreviation which appears at the end of the name of private limited company 26. corporation tax the tax paid by limited companies on their profits 27. Stock Exchange financial market where you buy or sell company's shares 28. Articles of Association 2/4  BUSINESS LAW - short - defs Ucz si tylko w https://quizlet.com/_9u2cgr document which contains the internal rules that company and shareholders must follow (statut spóBki) 29. authorised share capital the maximum total value of shares that can be issued by a company (kapitaB statutowy) 30. certificate of incorpora- document which proves that a company is proper- tion ly registered 31. deed of partnership agreement of partnership drafted by a notary 32. expenses money spent on day-to-day costs of the business 33. face value nominal value 34. limited liability partner- business where partners have limited liability ship LLP 35. Memorandum of Associ- document which contains the essential informa- ation tion about the company 9Akt ZaBo|ycielski spóBki) 36. nominal value fixed value placed on share's certificate 37. objects the purpose of the company 38. off-the-shelf company empty company which is set up and ready to trade 39. par value nominal value 40. personal assets things that someone owns 41. premium the difference between market and nominal value 42. profit and loss account document which shows the income and expenses of the business 43. registered office place where people will send all official letters and notices to 44. self-employed not to have a boss 3/4  BUSINESS LAW - short - defs Ucz si tylko w https://quizlet.com/_9u2cgr 45. share capital the value of shares 46. statement of liability declaration about the responsibility of the share- holders 47. stockbroker agent in the buying and selling of stocks and bonds 48. subscribers the first shareholders of the company 49. unlimited liability legal responsibility with all personal assets 50. tax return/ annual self a document/form that some people must fill in assessment form to give information about how much they have earned in a year and what amount of tax they need to pay 51. register of companies an official list of registered companies at Compa- nies House 52. Companies House (UK) institution where all limited companies in the UK must be registered; an official registry of com- panies 53. Registrar of Companies (UK) officer in charge of keeping the list of limited companies registered at the Companies House 4/4