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16 Cards in this Set
- Front
- Back
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Board of Directors
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a group of people who meet several times a year to make important decisions affecting the company
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Business Broker
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a person who sells businesses for a living
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Business Plan
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a document that describes all the steps necessary in opening and operating a successful business
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Corporation
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a business with the legal rights of a person, and which may be owned by many people
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Cover Letter
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a letter that explains or provides more info about a document or set of documents
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Dividends
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distributions of profit to shareholders by corporations
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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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Incorporate
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to set a business up a a corporation
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Initial Franchise Fee
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a fee the franchise owner pays in return for the right to run the franchise
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Partnership
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a business owned by two or more people
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Pro Forma Financial Statements
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financial statements based on projections
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Royalty Fees
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weekly or monthly payments made by the owner of the franchise to the seller of the franchise
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Share of Stock
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a unit of ownership in a corporation
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Sole Proprietorship
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a business owned exclusively by one person
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Start-up Costs
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one-time only expenses that are paid to establish a business
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Trade Associations
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organizations that promote certain types of businesses
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