small biz vocab 3
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| : The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation. | C-corporation:
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| A business that is chartered by a state and legally operates apart from its owners. | Corporation:
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| A legal agreement that gives an individual the right to market a company’s products or services in a particular area. | Franchise:
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| A person who purchases a franchise agreement | Franchisee:
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| The person or company who sells a franchise. | Franchisor:
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| A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business. | General partnership
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| The fee the franchise owner pays in return for the right to run the business. | Initial franchise fee
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| : A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time. | Joint venture:
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| The owners of a business are liable only up to the amount of their investment in the business. | Limited liability:
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| ): A new form of business ownership that provides tax advantages and limited liability. | Limited Liability Company (LLC
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| A partnership in which the partners’ liability is limited to their investment. | Limited partnership:
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| : Legal entities that make money for reasons other than the owner’s profit. | Nonprofit corporation
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| A form of business ownership in which two or more people share the assets, liabilities, and profits. | Partnership
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| Goods from which everyone receives benefits. | Public goods
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| A business owned and operated by one person. | Sole proprietorship
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| A partnership in which two businesses work together for mutual benefit. | Strategic alliance:
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| : A corporation that is taxed as a sole proprietorship or partnership | Subchapter S corporation:
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| The debts of the business must be paid from the personal assets of the owner. | Unlimited liability:
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Created by:
rafael pineda
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