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24 Cards in this Set
- Front
- Back
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A business in which one person (sole propietor) is in control of the management and its profits |
sole propietorship |
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The single person at the head of a sole propietorship |
sole propietor |
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A voluntary association between two or more people who co-own a business for profit. |
partnership |
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A partnership in which the partners divide profits and management responsibility and share unlimited personal liability for the partnerships debts. |
general partnership |
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A partnership consisting of at least on general partner and at least one limited partner in which the general partners assume all liabiligy for the partnerships debts and the limited partners assume no liability beyond their originally invested capital. |
limited partnership |
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A partnership in which all the partners assume liability for any partners professional malpractice to the extent of the partnerships assests. |
limited liability partnership |
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A legal entity formed by issuing stock to investors, who are the owners of the corporation. |
corporation |
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Investors in a corporation, who own the corporation. |
shareholders |
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A corporstion that enjoys the tax status of a partnership. |
S Corporation |
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An unincorporated business that is taxed like a partnership, with the members paying personal income taxes, and has the limited liability of a corporation. |
limited liability company |
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An organization formed by individuals to market new products. Individuals in a cooperative pool their resources together to gain an advantage in the market. |
cooperative |
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A partnership agreement in which company members hold transferable shares while all the goods of the company are held in the names of the partners. |
joint stock company |
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A business organization governed by a group of trustees, who operate the trust for beneficiaries. |
business trust |
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A person who operates a trust for beneficiaries in a business trust. |
trustee |
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A person who can expect to benefit from a relationship |
beneficiary |
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An investmen group that comes together for the explicit purpose of financing a specific large project |
syndicate |
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An association between two or more parties wherein the parties share profits and management responosibilities with respect to a specific project. |
joint venture |
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A business arrangement between an owner of a trade name or trademark and a person who sells goods or services under the trade name or trademark. |
franchise |
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The owner of the trade name or trademark in a franchise. |
franchisor |
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The seller of goods or services under a trade name or trademark in franchise. |
franchisee |
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A type of franchise in which the franchisor's business name and is required to follow the franchisor's standards and methods of business operation. |
chain-style business operation |
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A type of franchise in which the franchisor manufactors a product and licenses adealer to sell the product in an exclusive territory. |
distributorship |
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A type of franchise in which the franchisor provides the franchisee with a formula or necessary ingredient to manufacture a product. |
manufacturing arrangement |
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A contract whereby a company (the franchisor) grants permission (a license) to another entity (the franchisee) to use the franchisor's name, trademark, or copyright in the operation of a business and associated sale of goods in return for payment. |
franchise agreement |
