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Chapter 5 & 6 BUS

flash cards

QuestionAnswer
general partnership all owners share in operating the business and in assuming liability for all business debts
Limited Partnership 1 or more general partners and one or more limited partners
General Partner Is an owner (partner) who has unlimited liability and is active in managing the firms
Limited Partner is an owner who invests money in the business but does not have any management responsibility or liability for losses beyonc his investment
Limited Liability means that the limited partners liability for the debts of the business is limited to the amount they put into the company, personal assets would not be at risk
Master Limited Partnership a form of corporation, looks like a corp, acts like a corp. and is traded on the stock exchange but taxed like a partnership
Limited Liability Partnership limits partners risk of losing their personal assets to the outcomes of only their own acts and commission's and those under supervision
Conventional Corp. a state chartered legal entity with authority to act and have liability separate from its owners (stockholders)
S Corporations is a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships
Limited Liability Company (LLC) similar to an S Corp but without the special eligibility requirements
Mergers the result of 2 firms forming one company
Acquisition one company's purchase of the property and obligations of another company
Vertical Merger the joining of 2 firms in different stages of related business
Horizontal Merger joining of 2 firms in the same industry
Conglomerate Merger the joining of 2 firms in completely unrelated industries
leveraged buyout an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing
Franchise Agreement an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory
Franchiser a company that develops a product concept and sells others the rights to make and sell products
Franchise the right to use specific businesses name and sell its products or services in a given territory
Cooperatives businesses owned and controlled by the people that use it
entrepreneurship is accepting the risks of starting a business
entrepreneurial team a group of experienced people from different areas of business who join together to form a managerial team with the skills to develop, make and market the product
Affiliate Marketing an internet based marketing strategy in which a business rewards individuals or other businesses for each visitor or customer the affiliate sends to its website
Intrapreneurs creative people who work as entrepreneurs within corporations
enterprise zone specific geographic areas to which gov't try to attract private business investment by offering lower taxes and other gov't support
incubators centers that offer new businesses low cost offices with basic business functions
small business independently owned and operated, is not dominated in its field of operations, and meets certain standards of size, in terms of employees or annual revenue
business plan a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owners
angel investors private individuals who invest their own money in potentially hot new companies before they go public
peer to peer lending individual lending
venture capitalists individuals or companies that invest in new businesses in exchange for partial ownership of those businesses
small business administration a US gov't agency that advises and assists small businesses by providing management training and financial advice and loans
market people with unsatisfied wants and needs who have both the resources and the willingness to buy
Created by: Baskew
 

 



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