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business
Term | Definition |
---|---|
entrepreneurship | the process of starting and operating your own business |
entrepreneurs | people who create, launch, organize, and manage a new business and take the risk of business ownership |
franchise | a legal agreement to sell a parent company's product or services in a designated geographic area |
sole proprietorship | a business that is owned and operated by one person |
limited liability | the owner's financial liability is not limited to investments in the business |
partnership | a legal agreement between two or more people to be jointly responsible for the sucess or failure of a business |
general partnership | each partner shares in the profits and losses |
limited partnership | each limited partner is liable for any debts only up to the amount of his or her investment in the company |
limited liability | means that i a company does not meet its financial obligations or if it gets into legal trouble. |
corporation | a legal entity created by either a state or a federal statue, authorizing individuals to operate an enterprise |
stockholders | the owners of a corporation and have limited liability |
foreign corporation | is one that is incorporated under laws of a state that differs from the one in which it does business |
limited liability company [LLC] | a relatively new form of business organization that is a hybrid of a partnership and a corporation |
DBA [doing business as] | is the registration by which the county government officially recognizes that a new proprietorship or partnership exists |
Article of incorporation | identify the name and address of a new corporation, its purpose, and the names of the initial directions |