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Glossary of terms used on this site

There are 73 entries in this glossary.
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Term Definition

Involves two or more co-owners participating together in a business. This is regardless of how business equity is owned - Trust, company, or by sole trader. It also requires an intention to make and share profits and an understanding that these co-owners act on behalf of each other in business. May also describe a trading identity formed by natural persons.

Personal information

Information or an opinion (including information or an opinion forming part of a database), whether true or not, and whether recorded in a material form or not, about an individual whose identity is apparent, or can reasonably be ascertained from the information or opinion.

Plant and equipment

Assets of a business and include tools, machinery, office fittings used in the operation of the business.

Privacy and information management

How best to collect, store, use and disclose customer information. To ensure compliance with privacy legislation, have policies, procedures and systems in place, effective staff training and regular monitoring compliance performance.


Total revenue less total expenses for a period of time.

Proprietary Limited Company (Pty Ltd)

Must be registered under the national Corporations Law, administered by the Australian Securities and Investments Commission (ASIC), a Commonwealth Government agency.

Public listing

Refers to having the shares of the company listed on the stock exchange.

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Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.