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15 Cards in this Set

  • Front
  • Back
C-corporation
The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation
Corporation
A business that is chartered by a state and legally operates apart from its owners.
Franchise
A person who purchases a franchise agreement
General partnership
A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business
Initial franchise fee
The fee the franchise owner pays in return for the right to run the business
Limited liability
The owners of a business are liable only up to the amount of their investment in the business
Limited Liability Company (LLC):
A new form of business ownership that provides tax advantages and limited liability
Limited partnership
A partnership in which the partners’ liability is limited to their investment
Nonprofit corporation
Legal entities that make money for reasons other than the owner’s profit
Partnership
A form of business ownership in which two or more people share the assets, liabilities, and profits
Public goods
Goods from which everyone receives benefits
Sole proprietorship
A business owned and operated by one person
Strategic alliance
A partnership in which two businesses work together for mutual benefit.
Subchapter S corporation
A corporation that is taxed as a sole proprietorship or partnership
Unlimited liability
The debts of the business must be paid from the personal assets of the owner