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18 Cards in this Set

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sole proprietorship
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States.
Proprietorship
A business owned by one person
Unlimited Liability
requirement that an owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships, general partnerships.
Inventory
stocks of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production
limited life
situation in which a firm legally ceases to exist when an owner dies, quits, or a new owner is added; applies to sole proprietorships and partnerships.
Partnership
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm; same as general partnerships
Limited Partnership
Form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business.
Bankruptcy
Court-granted permission to an individual or business to cease or delay payment on some or all debts for a limited amount of time.
Corporation
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, sue and be sued.
Charter
written government approval to establish a corporation; includes company name, address, purpose of business, number of shares of stock, and other features of the business.
Stock
certificate of ownership in a corporation; common or preferred stock
Stockholder
person who owns a share or shares of stock in a corporation; same as shareholders
Shareholder
person who owns a share of stocks in a corporation
Dividend
a check representing a portion of the corporate earnings to each stockholder
Bond
formal contract to repay borrowed money and interest on the borrowed money at regular future intervals
Principal
Amount borrowed when getting a loan or issuing a bond
Interest
payment made for the use of borrowed money; usually paid at periodic intervals for long-term bonds or loans
Double Taxation
feature of taxation that allows stockholders' dividends to be taxed both as corporate profit and as personal income.