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29 Cards in this Set

  • Front
  • Back
Business Organization
establishment formed to carry on commercial enterprise
commercial enterprise
firm to make profit
sole proprietorship
business owned and managed by a single individual
zoning laws
law in a city or town that designates separate areas for residency and for business
business license
authorization frrom the local government
legally bound obligation to pay debts.
fringe benefits
payments to employees other than wages or salaries
business organization owned by two or more people
general partnership
partners share equally in both responsibility and liability
limited partnership
only one partner is required to be a general partner-to have unlimited personal liability for the firm
meny and other valuables, (collateral)
legal entity, or being, owned by individual stockholders
stocks or shares
represent a stockholder's portion of ownership of a corporation
closely held corporation
issues stock to only a few people (often family)
publicly held corporation
buys and sells its stock on the open market (many shareholders)
certificate of incorporation
license to form a corporation issued by a state government
portion of the orporate profits paid to stockholders
horizontal mergers
join two or more firms competing in the same market with the same maret with the same good or service
vertical mergers
join two or more firms involved in different stages of producing the same good or service
business combination merging more than three businesses thatmake unrelated products
a business organization owned and operated by a grooup of individuals fo their shared benefits
consumer cooperatives
retail outlets owned and operated by consumers-purchasing cooperatives-sell their goods to members at reduced prices
service cooperatives
procide a service, rather than goods
producer cooperatives
agricultural marketing cooperatives-help members sell their products
nonprofit organizations
function like business organizations-do not operate for profits-are exempt from federal incom taxes
business associations
promote the business interests of a city, state,or group of similar businesses
trade association
nenprofit organizations that promote the interests of particular industries
labor unions
an organized group of workers whose aim is to improeve working conditions, hours, wages and fringe benefits
professional organizations
work to improve the image, working conditions, and skill levels of people in particular