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Accounting Chapter 1-2
Term | Definition |
---|---|
Corporation | Consist of a person or group of people who become stockholders |
Entrepreneur | Transforms ideas for product or services into real-world business |
Franchise | a form of business organization in which a firm already has a successful product or service enters into a continuing contractual relationship with the another person |
Franchisee | he buyer of a company name, logo, and product from the franchise |
Franchisor | owner of a successful product or service who contracts out to another person |
Limited Liability Corporation | a hybrid of a partnership and a corporation |
Ownership | the act, state, or right of possessing something |
Partnership | Unincorporated business organization in whichmultiple individuals participate in ownership |
Sole Proprietorship | Unincorporated business that is owned by one individual |
Stockholders | a shareholder or owner of a corporation |
Store Chain | Group of retail outlets owned by one firm and spread nationwide or worldwide |
Unlimited Liability | refers to the legal obligations about being liable for all business debts if the business can't pay it's liabilities |