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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 debts of the corporation.
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Corporation
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A business that is chartered 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 the right to market a company’s products or services in a 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 complete 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 (LLC)
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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 other than the owner’s 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 receives benefits
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Sole proprietorship
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A business owned and operated by one person.
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Strategic 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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