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21 Cards in this Set

  • Front
  • Back

Sole Proprietorships

businesses owned and operated by one individual; most common form of business in the US

Partnership

form of business organization defined by the Uniform Partnership Act as "an association of two or more persons who carry on as co-owners of a business for profit"

General Partnership

A partnership that involves a complete sharing in both the management and the liability of a business

Limited Partnership

a business organization that has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to his or her investment in the business

Articles of Partnership

legal documents that set forth the basic agreements between partners

Corporation

a legal entity, created by the state, whose assets and liabilities are separate from its owners'

Stock

shares of a corporation that may be sold or bought

Dividends

profits of an organization that are distributed in the form of cash payments to stock holders

Corporate Charter

a legal document that the state issues to a company based on information the company provides in the articles of incorporation

Private Corporatoin

a corporation owned by just one or few people who are closely involved in managing the business

Public Corporation

a corporation whose stock anyone can buy, sell, or trade

Initial Public Offering (IPO)

selling a corporation's stock on public markets for the first time

quasi-public corporations

corporation's owned and operated by the federal, state, or local government

nonprofit corporations

corporations that focus on providing a service rather than earning a profit but are not owned by a government entity

board of directors

a group of individuals elected by stockholders to oversee the general operation of the corporation, who set the corporation's long-range objectives

preferred stock

a special type of stock, whose owners, though not generally having a say in the running of the company, have a claim to profits before other stockholders do

common stock

stock whose owners have voting rights in the corporation , yet do not receive preferential treatment regarding dividends

joint venture

a partnership established for a specific project or for a limited time

S corporation

corporation taxed as though it were a partnership with restrictions on shareholders

limited liability company (LLC)

form of partnership that provides limited liability and taxation like a partnership but places fewer restrictions on members

cooperative (co-op)

an organization composed of individuals or small businesses that have banded together to reap the benefits of belonging to a larger corporation