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23 Cards in this Set

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  • Back
Sole Proprietorship
A business that is owned, and usually managed, by one person.
Partnership
A legal form of business with two or more owners
Corporation
A legal entity with authority to act and have liability separate from its owners.
Unlimited Liability
The responsibility of business owners for all of the debts of the business.
General Partnership
A partnership in which all owners share in operating the business and in assuming liability for the business's debts.
Limited Partnership
A partnership with one or more general partners and one or more limited partners.
General Partner
An owner (partner) who has unlimited liability and is active in managing the firm.
Limited Partner
An owner who invests money in teh business but does not have any management responsibilty or liability for losses beyond the investment.
Master Limited Partnership (MLP)
A partnership that looks much like a corporation in that it acts like a corporation and is traded on the stock exchanges like a corporation and is traded on the stock exchanges like a corporation, but is taxed like a partnership and thus avoids the corporate income tax.
Limited Liability Parnership (LLP)
A partnership that limits partners' risks of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision.
S Corporation
A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships.
Limited Liability Company (LLC)
A company similar to an S Corporation but without the special eligibility requirements.
What is a MERGER?
The result of two firms forming one company.
What is an ACQUISITION?
A company's purchase of the property and obligations of another company.
What is a VERTICAL MERGER?
The joining of two companies involved in different stages of related businesses.
What is a HORIZONTAL MERGER?
The joining of two firms in the same industry.
What is a COMGLOMERATE MERGER?
The joining of firms in completely unrelated industries.
What is a LEVERAGED BUYOUT (LBO)
An attempt by employees, management or a group of investors to purchase an organization primarily through borrowing.
What is a FRANCHISE AGREEMENT?
An agreement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory.
What is a FRANCHISER?
A company that develops a product concept and sells others the rights to make and sell the products.
What is a FRANCHISE?
The right to use a specific business's name and sell its products or services in a given territory.
What is a FRANCHISEE?
A person who buys a francise.
What is a COOPERATIVE?
A business owned and controlled by the people who use it - producers, consumer's or workers with similar needs who pool their resources for mutual gain.