Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
Sole Proprietorship |
business that is owned and operated by one person |
|
|
Liability Protection |
insurance against debt and actions of a business |
|
|
Unlimited Liability |
full responsibility for all debts and actions of the business |
|
|
Partnership |
unincorporated business with two or more owners |
|
|
General Partner |
a participant in a partnership who has unlimited personal liability and takes full responsibility for managing the business; all partnerships must have at least on general partner |
|
|
Limited Partner |
partner whose liability is limited to his or her investment |
|
|
Corporation |
a business that is registered by a state and operates apart from its owners. it issues shares of stock and lives on after the owners have sold their interest or passed away. Corporations can purchase goods and services, sue and be sued, and conduct all types of business transactions |
|
|
C-corporation |
an entity that pays taxes on earnings; its shareholders pay taxes as well |
|
|
Shareholders |
owners of the corporation |
|
|
Limited Liability |
partial responsibility of a corporate shareholder; he or she is responsible only up to the amount of the individual investment |
|
|
Subchapter S Corporation |
a corporation that is taxed like a partnership |
|
|
Nonprofit Corporation |
is a legal entity that makes money for reasons other than the owners' profit |
|
|
Limited Liability Company (LLC) |
a company whose owners and managers have limited liability and some tax benefits, but avoids some restrictions associated with Subchapter S corporation |
