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Glossary of terms used on this site

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Term Definition

Business Capacity - Is the resources available to a business to underpin its activities including actual or potential ability to perform yield or withstand.


The flow of funds generated by the business as a result of receipts from debtors, payments to creditors, drawings and cash sales.

Closing down the business

Closing the doors, selling off the assets and paying off all debts.

Current assets

Include cash, short-term deposits, customers accounts, stock (includes work in progress, raw materials and finished goods), that will be converted into cash during the normal course of business within a year.

Current liabilities

Include short term debts such as bank overdraft, creditors and provisions set aside to pay taxation and other commitments, and expected to come due within one year of the Balance Sheet.

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Andrew said

Jim pro­vided very sound and practical advice on what to do if one of the busi­ness partners wanted to leave. His Suc­ces­sion Agree­­ment elim­ina­ted any questions as to what would hap­pen and how it would hap­pen. Thanks Jim.