Englisch II

Secondary industry includes construction and manufacturing, in which raw materials are further processed.

Service industry
includes banking, entertainment and tourism and is characterized by the absence of physical products.

Sole trader
is a business owned by one person, who is ‘self-employed’. That individual has unlimited liability – they are responsible for any debts. A self-employed professional will refer to themselves as a ‘freelancer’.

Partnership is a type of business organization and legal structure, in which two or more people run a business together. Lawyers, architects and auditing firms are typical partnerships.

Limited Liability Company is a type of business organization and legal structure, in which the ownership and the company are legally distinct, so the company is responsible for any debts, not the owners, who have limited liability. It is referred to as a private company because shares cannot be sold to the public.

Public limited company is a type of business organization and legal structure, in which a company is owned by shareholders (e.g. large financial institutions, other companies, members of the public) who receive a share of the profits every year (paid as dividends) and who will also get a capital gain or loss when they sell their shares (price volatility at stock market). These large companies are run by managers under the supervision of a Board.

Stakeholder is a person or organisation with a legitimate interest in a given situation, action or enterprise.

Franchise is a type of company, in which the business owner allows other people (franchisees) to set up in business using the company`s brand name, products and reputation.