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22 Cards in this Set
- Front
- Back
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Sole Proprietorship |
A business owned and managed by a single individual |
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Business Organization |
The ownership structure of a company or firm |
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Business License |
Authorization to operate a business issued by a local government |
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Zoning Laws |
Laws in a city or town that designate certain areas, or zones, for residential and business use |
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Liability |
The legal obligation to pay debts |
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Partnership |
A business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
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General Partnership |
A type of partnership in which all partners share equally in both responsibility and liability |
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Limited Partnership |
A type of partnership in which only one partner is required to be a general partner |
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Limited Liability Partnership |
A type of partnership in which all partners are limited partners |
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Articles of Partnership |
A partnership agreement that spells out each partner's rights and responsibilities |
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Assets |
The money and other valuables belonging to an individual or business |
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Business Franchise |
A semi-independent business that pays fees to a patent company in return for the exclusive right to sell a certain product or service in a given area |
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Royalties |
The share of earnings given by a franchisee as payment to the franchiser |
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Corporation |
A legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm's debts |
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Stock |
A certificate of ownership in a corporation |
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Closely Held Corporation |
A type of corporation that issues stock to only a few people, who are often family members |
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Publicly Held Corporation |
A type of corporation that sells stock on the open market |
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Bond |
A formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
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Certificate of Incorporation |
A license to form a corporation issued by a state government |
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Dividend |
The portion of corporate profits paid out to stockholders |
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Limited Liability Corporation |
A type of business with limited liability for the owners, with the advantage of not paying corporate income taxes |
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Horizontal Merger |
The combination of two or more firms competing in the same market with the same good or service |
