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Small Business Ch 8

Small Business Management Ch 8

QuestionAnswer
Advisory Council A group that functions like a board of directors but acts only in an advisory capacity.
Board of Directors The governing body of a corporation, elected by the stockholders.
C Corporation An ordinary corporation, taxed by the federal government as a separate legal entity.
Corporate Charter A document that establishes a corporation's existence.
Corporation A business organization that exists as a legal entity and provides limited liability to its owners.
General Partner A partner in a limited partnership who has unlimited personal liability to its owners.
Joint and Several Liability The liability of each partner resulting from any one partner's ability to legally bind the other partners.
Legal Entity A business organization that is recognized by the law as having separate legal existance.
Limited Liability Company A form of organization in which owners have limited liability but pay personal income taxes on business profits.
Limited Partner A partner in a limited partnership who is not active in its management and has limited personal liability.
limited Partnership A partnership with at least one general partner and one or more limited partners.
Management Team Managers and other key persons who give a company its general direction.
Nonprofit Corporation A form of corporation for enterprises established to serve civic, educational, charitable, or religious purposes but not for generation of profits.
Organizational Test Verification of whether a nonprofit organization is staying true to its stated purpose.
Partnership A legal entity formed by two or more co-owners to carry on a business for profit.
Partnership Agreement A document that states explicity the rights and duties of partners.
Piercing the Corporate Veil A situation in which the courts conclude that incorporation has been used to perpetuate a fraud, skirt a law, or commit some wrongful act, and thus remove liability protections from the corporate entity.
Pre-Emptive Right The right of stockholders to buy new shares of stock before they are offered to the public.
Professional Corporation A form of corporation that shields owners from liability and is set up for individuals in certain professional practices.
Reciprocation A powerful social rule based on an obligation to repay in kind what another has done for or provided to us.
S Corporation (Subchapter S Corporation) A type of corporation that offers limited liability to its owners but is taxed by the federal government as a partnership.
Social Capital The advantage created by an individual's connections in a social network.
Social Network An interconnected system comprising relationships with other people.
Sole Proprietorship A business owned by one person, who bears unlimited liability for the enterprise.
Stock Certificate A document specifying the number of shares owned by a stockholder.
Strategic Alliance An organizational relationship that links two or more independent business entities in a common endeavor.
Unlimited Liability Liability on the part of an owner that extends beyond the owner's investment in the business.
Created by: dengler
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