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24 Cards in this Set
- Front
- Back
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Acquisition
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One companies purchase of the property and obligations of another company.
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Conglomerate merger
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The joining of firms in completely unrelated industries.
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Conventional corporation
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state-chartered legal entity with authority to act and have liability separate from its owners (stockholders).
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cooperation
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A business owned and controlled by The people who use it- producers, consumers, or workers with similar needs who pool their resource for mutual gain.
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corporation
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A legal entity with authority to act and have liability separate from its owner.
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franchise
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The right to use a specific business name and cell its products or services in a given territory.
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franchise agreement
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An arrangement whereby someone with a good idea fro a business sells the rights to use the business name and sell a product or service to others in a given territory.
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franchisee
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A person who buys a franchise.
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franchisor
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A company that develops a product concept and sells others the rights to make an sell products.
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general partner
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An owner who has unlimited liability and is active in managing the firm.
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Horizontal merger
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The joining of two firms in the same industry.
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Leveraged buyout (LBO)
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AN attempt by employes, management, or a group, of investors to purchase an organization primarily through borrowing.
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Limited liability
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The responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders have limited liability.
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Limited liability company (LLC)
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A company similar to an S corporation but without the special eligibility requirements.
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Limited liability partnership (LLP)
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A partnership that limits partner's risk f losing their personal assets to only their own acts and omissions and to the acts and omission of people under their supervision.
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Limited partner
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An owner who invests money in the business but does not have many management responsibility o liability for losses beyond the investment.
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Limited partnership
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A partnership with one or more general partners and one o more limited partners.
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Master limited partnership (MLP)
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A partnership that looks much like a corporation ( in that it acts like a corporation and is traded on a stock exchange) nut is taxed like a partnership and this avoids the corporate income tax.
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Merger
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The result of two firms forming one.
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Partnership
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A legal form of business with two or more owners.
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S corporation
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A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships.
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Sole proprietorship
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A business that is owned and usually managed by one person.
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Unlimited liability
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The responsibilities of business owners for all of the debts of the business.
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Vertical merger
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The joining of two companies involved in different stage of related business.
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