revision: Business

Sectors of the Economy
Private sector - owned by private individuals, and they get to keep the profit.
Public sector - owned by the government, the profits are used by the organization.

Types of organizations.
For all we've learned...PLC, Ltd. Sole Trader, Franchises, etc. Basically, everything is in the private sector except anything to do with the governement.

PRIVATE -
Sole Traders
Franchises
PLC
Ltd.
Partnerships

PUBLIC -
Government department - Policemen, firemen - dealing with national issues
Local authorities - Service for local areas - schools, libraries.
Health trusts - Offering healthcare for specific locations
Public corporations - Companies owned by the government

Companies
PLC and Ltd are companies and have unlimited liability.
Limited liability is when they have to use their own assets to pay for debts.
Unlimited liability does not risk their assets and shareholders are only responsible for the amount of money they put in, they do not have to pay with their own money.