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GCSE Business · key term
A business owned by two or more partners who can contribute finance and share responsibility. In an ordinary partnership, partners have unlimited liability.
Used by AQA, Edexcel and OCR
Paper 1, Paper 2
A business owned by two or more partners who share responsibility for running it.
Revise: Business Legal StructuresOwnership and employment are different: hiring an assistant does not turn a sole trader into a partnership. Tutoring, gardening and taxi services are examples of activities that can be run by sole traders.
Specification 1.4.1 · Paper 1
A business owned by two or more people who share investment, decision making and rewards. An ordinary partnership has unlimited liability.
Revise: Start-Up Ownership OptionsThe main start-up ownership options are a sole trader, a partnership and a private limited company. A separate choice is whether to develop an independent business or operate a franchise using an established business’s brand and system.
Paper 1
A business owned by two or more people who share responsibilities and profits.
Revise: Types of Business OwnershipThe four forms considered here are sole traders, partnerships, private limited companies and public limited companies.
Do not assume partnership profits are always shared equally; the partners can agree how to divide them.
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