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BUSN-1010 Conroy 5
Chapter 5
Question | Answer |
---|---|
Acquisition | When one company buys another company. |
C corporation | A state-chartered entity that pays taxes and is legally distinct from its owners. |
Cooperative (Co-op) | A corporation owned by its user members who have pooled their resources for their mutual benefit. |
Franchise | An arrangement in which a business owner allows others the right to use its name and sell its goods or services within a specific geographical area. |
Merger | Occurs when two firms join to form a new firm. |
Partnership | A business owned and operated by two or more persons as a voluntary legal association. |
Sole Proprietorship | A business owned, and typically managed, by one person. |
Unlimited Liability | Any debts or damages incurred by the business become the responsibility of the business owner. |