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PBF399 Unit 2 Terms

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 existence
Entity with the legal authority to act as a single person Corporation
Partner has an active role, but unknown existence Secret
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
Company Executives. Top Management
First level of management. Supervisors
Tactical and strategic style. Mixed
Analyzing of information, set goals, and make decisions. Planning
Arrangement of resources in order to meet goals. Organizing
Determines to what extent the business is accomplished. Controlling
Directed and controlling style of management. Tactical
Directing and leading people. Implementing
Employees help with decision making. Strategic
Specialists in a specific area of the business. Mid-management
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Created by: csxgp38-2