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10 Cards in this Set
- Front
- Back
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sole partnership
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a business owned by one person
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unlimited liability
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the owner is responsible for the company's debts
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partnership
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a business owned by 2 or more people who share its risks and rewards
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corporation
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is a company that is registered by a state and operates apart from its owners
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limited liability
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holds a firm's owners responsible for no more than the capital that they have invested in
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cooperative
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is an organization that is ownedand operated by its members
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nonprofit organization
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or nonprofit is a type of organization that focuses on providing a service, but not to make a profit
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franchise
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is a contractual agreement to use the name and sell the products or services of a company in a designated geographic area
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producer
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a business that gathers raw goods
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processor
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changes raw materials into more finished products
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