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18 Cards in this Set
- Front
- Back
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unlimited liability |
what is it called when the business owners are responsible for all of the debts of the business? |
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a general partnership |
What is the term for when all owners share in the operation and liability of a business? |
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a limited partnership |
What type of business relationship has 1 or more general partners and 1 or more limited partners? |
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a limited partner |
business partner only responsible for losses up to the amount that they invest? |
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MLP (master limited partnership) |
What type of business looks much like a corporation, but is taxed like a partnership and avoids the corporate income tax? |
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LLP (limited liability partnership) |
what kind of partnership limits the partners' risk of losing their personal assets to only their own acts & omissions? |
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Conventional Corporation (C) |
What kind of business is a state-chartered legal entity with authority to act and have liability separate from its owners? |
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S Corporation |
What kind of business is a government creation that looks like a corporation but is taxed like a sole proprietorship or partnership to avoid double taxation? |
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an alien corporation |
what kind of corporation does business in the US but is chartered in another country? |
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a foreign corporation |
What kind of corporation does business in one state but is chartered in another? |
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a conglomerate merger |
what is it called when firms from completely unrelated industries join? |
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a horizontal merger |
what is it called when two firms in the same industry join? |
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a vertical merger |
what is it called when two companies involved in different stages of related business join together? |
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a cooperative |
what is a business owned and controlled by the people who use it for mutual gain called? |
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domestic corporation |
what kind of firm does business in the state in which it is chartered? |
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closed (private) corporation |
what kind of corporation has stock only held by a few people and isn't available to the public? |
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a quasi-public corporation |
what kind of corporation is chartered by the government as an approved monopoly to perform services to the general public? |
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professional corporation |
what kind of corporation offers professional services and is not publicly traded? |
