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18 Cards in this Set
- Front
- Back
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C-corporation
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the most common form of corporation. it protects the entrepreneur from being personally sued for the actions and debt of the corporation.
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corporation
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a business that is charted by a state and legally operates apart from its owners.
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franchise
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A legal agreement that gives an individual th right to market a company's products or services in particular area.
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franchisee
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a person who purchases a franchise agreement.
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franchisor
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the person or company who sells a franchise.
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General partnership
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a partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business.
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initial franchise fee
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the fee the franchise owner pays in return for the right to run the business.
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Joint venture
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a partnership in which two companies join to compete a specific project. the partnership ends after a specified period of time.
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limited liability
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the owners of a business are liable only up to the amount of their investment in the business.
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limited liability company
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a new form of business ownership that provides tax advantages and limited liability
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limited partnership
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a partnership in which the partners liability is limited to their investment.
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nonprofit corporation
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legal entities that make money for reasons othe than the owners profit
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partnership
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a form of business ownership in which two or more people share the assets, liabilities and profits.
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public goods
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goods from which everyone recieves benefits.
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sole proprietorship
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a business owned and operated by one person
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stategic alliance
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a partnership in which two businesses work together for mutual benefit.
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subchapter s corporation
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a corporation that is taxed as a sole proprietorship or partnership
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unlimited liability
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the debts of the business must be paid from the personal assets of the owner.
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