Glossary Page
Franchise- An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.
Partnership- An association of two or more people as partners.
Classification- The action or process of classifying something.
Large Business- An economic group consisting of large profit-making corporations especially with regard to their influence on social or political policy.
Micro Business- A business that operates on a very small scale.
Sole Trader- A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Limited Liability- The condition by which shareholders are legally responsible for the debts of a company only to the extent of the nominal value of their shares.