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PBF Unit 2 Terms

QuestionAnswer
Two or more persons to carry on as co-owners of a business for a profit. Partnership
Each stock equals one _______ at the shareholder meeting. Vote
Type of liability in which you can lose all your assets. Unlimited
Partnership formed by the way two or more people conduct their business (4 words). By proof of exsistence
Entity with the legal authority to act as a single person. Corporation
Grants permission to sells its products and services as a business. Franchise
Business owned by one person (two words). Sole proprietorship Partnership formed after they agree to conditions in a contract (two words). By agreement
Type of corporation that benefits the public and receives a tax break. Nonprofit
Abbreviation for a partnership with limited liability. LLP
Partner has no role, but is known to public Silent
Type of taxation on a corporation. Double
Type of liability in which you only lose your initial investment in the company. Limited
Partner plays no role and is not known to public. Dormant
__________ of incorporation. Articles
Partner has an active role, unlimited liability. General
Formed by a group to gain bargaining power. Cooperative
__________venture is a special project for a limited time. Joint
Top Management Compant executives
Supervisors First level of managment
Mixed Tactical and Stratigic style
Planning Analyzing of info, setting goals, and making decisions
Controlling Determines to what extent the business is accomplishing goals
Tactical Directed and controlling style of management
Implementing Directing and leading people
Stategic Employees that help with decision making
Staffing Obtaining, training, and compensating employees
Mid-Management Specialists in a specific area of the business
Created by: lancerammo77
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