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41 Cards in this Set

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Sole Propretorship
A business that is owned (and usually operated) by one person
Single person
Unlimited Liability
A legal concept that holds a business owner personally responsible for all the debts of the business
Legal concept
Partnership
A voulantary association of 2 or more persons to act as co-owners of a business for profit
Voulantary association
General Partner
A person who assumes full or shared responsibility for operating a business
Person who assumes full or...
General Partnership
A business co-owned by 2 or more parters who are liable for everything the business does
Shared liability
Limited Partner
A business co-owned by one or more general partners but has no management responsibility or liability for losses beyond the amount he/she invested in the partnership
No responsibility or liability
Limited Partnership
A business co-owned by one or more general partners who manage the business and limited parters who invested in it.
Co-owened by one or more general partners
Master Limited Partnership
A business partnership that is owned and managed like a corporation but taxed like a partnership
Managed like a corporation, taxed like a ...
Corporation
An artificial person created by law, with most of the legal right of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts
An artificial person created by law
Stock
The shares of ownership of a corporation
Ownership shares
Stockholder
A person who owns a corporation's stock
A person who owns
Close Corporation
A corporation whose stock is owned by relatively few people and is not sold to the general public
Stock owned by few people
Open Corporation
A corporation whose stock is bought and sold on security exhanges and can be purchased by any individual.
Stock is bought and sold on security exchanges
Incorporation
The process of forming a corporation
Forming a corporation
Domestic Corporation
A corporation is in the state in which it is incorporated
Corporation in the state
Foreign Corporation
A corporation in any state in which it does business except for the state in which it is incorporated
Corporation in any state in which it does business except for..
Alien Corporation
A corporation chartered by a foreign government and conducting business in the United Stated
Chartered corporation
Corporate Charter
A contract between the corporation and the state, in which the state recognizes the formation of the artificial person that is the corporation
Contract between the corporation and the state
Common Stock
Stock owned by individuals or firms who may vote on corporate matters, but whose claim on profit and assets are subordinate to those of common stock holders
Stock owened by individuals or firms
Corporate Charter
A contract between the corporation and the state, in which the state recognizes the formation of the artificial person that is the corporation
Contract between the corporation and the state
Preferred Stock
Stock owned by individuals or firms who usually do not have voting rights but whose claims and dividends are paid before those of common stock owners.
Do not have voting rights
Dividend
A distribution of earnings to the stockholders of a corporation
Distribution of earnings
Proxy
A legal form listing issues to be decided at a stockholders meeting and enabling stock holders to transfer their voting rights to some other individual or individuals
A legal from listing issues
Board of Directors
The top governing body of a corporation, the members are elected by the stock holders
Top governing body of a corporation
Corporate Officers
The chairman of the board, president, executive vp's corporate secretary and treasuer or any other top executive appointed by the board of directors
CEO, President...
Appointed by the board of directors
Limited Liability
A feature of corporate ownership that limits each owner's financial liablility to the amount of money that he or she has paid for the corporation's stock.
Limits each owner's financial liability
S-Corporation
A corporation that is taxed as though it were a partnership
Taxed like a partnership
Limited Liability Corporation (LLC)
A form of business ownership that provided limited liability protection and is taxed like a partnership
A form of business ownership
Government Owned Corporation
A corporation owned and operated by a local state or federal government
Local state or federal government
Quasi-Government Corporation
A business owned partly by the government and partly by private citizens or firms.
Owned by the government and...
Not-for-Profit Corporation
A corporation organized to provide a social, educational, religious or other service rather than to earn a profit.
Provides a service
Cooperative
An association of individuals or firms whose purpose is to perform some business function for its memebers
An association of individuals or firms...
Joint Venture
An agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time
An agreement between two or more groups
Joint Venture
An agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time
An agreement between two or more groups
Syndicate
A temporary association of individuals or firms organized to perform a specific task that requires a large amount of capital
A temporary association of individuals or firms
Merger
The purchase of one corporation by another
The purchase of...
Hostile Takeover
A situation in which the management and board of directors of the firm targeted for acquisition at a price just high enough to tempt stock holders to sell their shares.
Tempting to sell stock shares
Proxy Fight
A technique used to gather enough stockholder votes to control the targeted company
A technique to gather stockholder votes
Tender Offer
An offer to purchase the stock of a firm targeted for acquistion at a price just high enough to tempt stock holders to sell their shares
An offer to purchase the stock of a firm targeted
Disvestiture
The process of dismantling a company and selling off different parts
Dismantle
Leveraged Buyout (LBO)
A purchase arrangment that allows a firm's managers and employees, or a group of investors to purchase the company
A purchase arrangment that allows