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Unit Two

Business Ownership and Law

a legal process that allows selling assets to pay off debts Bankruptcy
a written description of the business and its operations with an analysis of the opportunities and risks it faces Business plan
an official document granted by a state giving power to run a corporation Charter
a business owned and operated by its user-members for the purpose of supplying themselves with goods and services Cooperative
similar to a patent in that the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author plus 70 years Copyright
a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person Cooperation
those to whom money is owned Creditors
profits distributed to stockholders on a per-share basis Dividends
a sales tax that applies only to selected goods and services, such as gasoline Excise tax
a tax levied against the profits of business firms and against earnings of individuals Income tax
business operations and transactions that cross over state lines Interstate commerce
business transacted within a state Intrastate commerce
a way to limit and control those who plan to enter certain types of business Licensing
a business owned by two or more persons Partnership
an agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention Patent
a tax levied on material goods owned Property tax
a written authorization for someone to vote on behalf of the persons signing the proxy Proxy
a tax levied on the retail price of goods and services at the time they are sold Sales tax
equal parts of the division of ownership of a corporation Shares
a business owned and managed by one person Sole proprietorship
owners of a corporation Stockholders
a distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of one owner Trademark
Created by: torilynnbell
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