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Definition of Chapter 4 - Coggle Diagram
Definition of Chapter 4
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Unlimited liability
the owners of a business can be held responsible for the debts of business they own. Their liability is not limited to investment they made in the business.
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Partnership agreement
the written and legal agreement between business partners. It is not essential for partners to have such an agreement that it is always recommended.
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Dividends
payments made to shareholders from the profits (after tax) of a company. They are the return to shareholders for investing in the company.
franchise
a business based upon the use of the brand names, promotional logos and trading methods of an existing successful business. The franchises buys the licence to operate this business from the franchisor.