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Chapter 5 & 6 BUS
flash cards
| Question | Answer |
|---|---|
| general partnership | all owners share in operating the business and in assuming liability for all business debts |
| Limited Partnership | 1 or more general partners and one or more limited partners |
| General Partner | Is an owner (partner) who has unlimited liability and is active in managing the firms |
| Limited Partner | is an owner who invests money in the business but does not have any management responsibility or liability for losses beyonc his investment |
| Limited Liability | means that the limited partners liability for the debts of the business is limited to the amount they put into the company, personal assets would not be at risk |
| Master Limited Partnership | a form of corporation, looks like a corp, acts like a corp. and is traded on the stock exchange but taxed like a partnership |
| Limited Liability Partnership | limits partners risk of losing their personal assets to the outcomes of only their own acts and commission's and those under supervision |
| Conventional Corp. | a state chartered legal entity with authority to act and have liability separate from its owners (stockholders) |
| S Corporations | is a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships |
| Limited Liability Company (LLC) | similar to an S Corp but without the special eligibility requirements |
| Mergers | the result of 2 firms forming one company |
| Acquisition | one company's purchase of the property and obligations of another company |
| Vertical Merger | the joining of 2 firms in different stages of related business |
| Horizontal Merger | joining of 2 firms in the same industry |
| Conglomerate Merger | the joining of 2 firms in completely unrelated industries |
| leveraged buyout | an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing |
| Franchise Agreement | an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory |
| Franchiser | a company that develops a product concept and sells others the rights to make and sell products |
| Franchise | the right to use specific businesses name and sell its products or services in a given territory |
| Cooperatives | businesses owned and controlled by the people that use it |
| entrepreneurship | is accepting the risks of starting a business |
| entrepreneurial team | a group of experienced people from different areas of business who join together to form a managerial team with the skills to develop, make and market the product |
| Affiliate Marketing | an internet based marketing strategy in which a business rewards individuals or other businesses for each visitor or customer the affiliate sends to its website |
| Intrapreneurs | creative people who work as entrepreneurs within corporations |
| enterprise zone | specific geographic areas to which gov't try to attract private business investment by offering lower taxes and other gov't support |
| incubators | centers that offer new businesses low cost offices with basic business functions |
| small business | independently owned and operated, is not dominated in its field of operations, and meets certain standards of size, in terms of employees or annual revenue |
| business plan | a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owners |
| angel investors | private individuals who invest their own money in potentially hot new companies before they go public |
| peer to peer lending | individual lending |
| venture capitalists | individuals or companies that invest in new businesses in exchange for partial ownership of those businesses |
| small business administration | a US gov't agency that advises and assists small businesses by providing management training and financial advice and loans |
| market | people with unsatisfied wants and needs who have both the resources and the willingness to buy |
Created by:
Baskew
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