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chp 6 key terms
Term | Definition |
---|---|
sole proprietprship | an unincorporated business with one owner who pays personal income tax on profits from the business |
unlimited liability | s not capped at a maximum amount and exists regardless of the amount of investment |
partnership | an association of two or more people as partners |
corporation | |
limited liability | |
cooperative | |
nonprofit organization | |
franchise | |
producer | |
processor | |
manufacturer | |
interediary | |
wholesaler | |
retailer | |
production | |
procurement | |
management | |
finance | |
accounting | |
sole | |
income | |
partners | |
regulates | |
distributes | |
tasks | |
function | |
involves |