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25 Cards in this Set
- Front
- Back
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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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Partnerships
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a legal form of business with two or more owners
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Corporation
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a legal entity with authority to act and have liability apart from its owners.
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Unlimited Liability
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the responsibility of business owners for all of the debts of the business.
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General Partnership
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a partnership in which all owners share in operating the business and in assuming liability for the business's debts
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Limited Partnership
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a partnership with one or more general partners and one or more limited partners.
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General Partner
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an owner (partner) who has unlimited liability and is active in managing the firm.
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Limited Partner
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an owner who invests money in the business, but does not have any management responsibility or liability for losses beyond investment.
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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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Master Limited Partnership
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a partnership that looks much like corporation (in that it acts like a corporation and is traded on a stock exchange) but is taxed like a partnership and thus avoids the corporate income tax.
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Limited Liability Partnership (LLP)
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a partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision.
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Conventional (C) Corporation
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a state-chartered legal entity with authority to act and have liability separate from its 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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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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Merger
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the result of two firms forming one company
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Acquisition
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one company's purchase of the property and obligations of another company
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Vertical Merger
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the joining of two companies involved in different stages of related businesses
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Horizontal Merger
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the joining of two firms in the same industry
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Conglomerate Merger
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the joining of firms in completely unrelated industries
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Leveraged Buyout (LBO)
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an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing.
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Franchise Agreement
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an arrangement whereby someone with a good idea for 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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Franchisor
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a company that develops a product concept and sells others the rights to make and sell the products.
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Franchise
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the right to use a specific business's name and sell its products or services in a given territory
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Franchisee
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a person who buys a franchise
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Cooperative
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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 resources for mutual gain.
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