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Small Biz unit 3

Vocab 3

C-corporation The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation.
Corporation A business that is chartered by a state and legally operates apart from its owners.
Franchise A legal agreement that gives an individual the right to market a company’s products or services in a particular area.
Franchisee A person who purchases a franchise agreement.
Franchisor The person or company who sells a franchise.
General partnership A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business.
Initial franchise fee The fee the franchise owner pays in return for the right to run the business.
Joint venture A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time.
Limited liability The owners of a business are liable only up to the amount of their investment in the business.
Limited Liability Company (LLC) A new form of business ownership that provides tax advantages and limited liability.
Limited partnership A partnership in which the partners’ liability is limited to their investment.
Nonprofit corporation Legal entities that make money for reasons other than the owner’s profit.
Partnership A form of business ownership in which two or more people share the assets, liabilities, and profits.
Public goods Goods from which everyone receives benefits.
Sole proprietorship A business owned and operated by one person.
Strategic alliance A partnership in which two businesses work together for mutual benefit.
Subchapter S corporation A corporation that is taxed as a sole proprietorship or partnership
Unlimited liability The debts of the business must be paid from the personal assets of the owner.
Created by: 12259623 on 2011-09-09

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