Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
|
C-corporation:
|
The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation.
|
|
|
Corporation:
|
A business that is chartered by a state and legally operates apart from its owners.
|
|
|
Franchise:
|
A legal agreement that gives an individual the right to market a company’s products or services in a particular area.
|
|
|
Franchisee
|
: A person who purchases a franchise agreement.
|
|
|
Franchisor:
|
The person or company who sells a franchise.
|
|
|
General partnership:
|
A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business.
|
|
|
Initial franchise fee:
|
The fee the franchise owner pays in return for the right to run the business.
|
|
|
Joint venture:
|
A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time.
|
|
|
Limited liability:
|
The owners of a business are liable only up to the amount of their investment in the business.
|
|
|
Limited Liability Company (LLC):
|
A new form of business ownership that provides tax advantages and limited liability.
|
|
|
Limited partnership:
|
A partnership in which the partners’ liability is limited to their investment.
|
|
|
Nonprofit corporation:
|
Legal entities that make money for reasons other than the owner’s profit.
|
|
|
Partnership:
|
A form of business ownership in which two or more people share the assets, liabilities, and profits.
|
|
|
Public goods:
|
Goods from which everyone receives benefits.
|
|
|
Sole proprietorship:
|
A business owned and operated by one person.
|
|
|
Strategic alliance:
|
A partnership in which two businesses work together for mutual benefit.
|
|
|
Subchapter S corporation:
|
A corporation that is taxed as a sole proprietorship or partnership.
|
|
|
Unlimited liability:
|
The debts of the business must be paid from the personal assets of the owner.
|
