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chapter4-UVI BUS 112
Intro to Business by Koopar- Chapter 4
| Question | Answer |
|---|---|
| sole proprietorship | is a business that is owned (and usually operated) by one person |
| unlimited liability | is a legal concept that holds a business owner personally responsible for all the debts of the business |
| partnership | a voluntary association of two or more persons to act as co-owners of business for profit |
| general partner | a person who assumes full or shared responsibility for operating a business |
| limited partner | a person who invests money in a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership |
| corporation | an artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts |
| stock | the shares of ownership of a corporation |
| stockholder | a person who owns a corporation's stock |
| closed corporation | a corporation whose stocks is owned by relatively few people and is not sold to the general public |
| open corporation | a corporation whose stock can be bought and sold by any individual |
| domestic corporation | a corporation in the state in which it is incorporated |
| foreign corporation | a corporation in any state in which it does business except the one in which it is incorporated |
| alien corporation | a corporation chartered by a foreign government and conducting business in the United States |
| common stock | stock owned by individuals or firms who may vote on corporate matters but whose claims on profits and assets are subordinate to the claims of others |
| preferred stock | stock owned by individuals or firms who usually do not have voting rights but whose claims on dividends are paid before those of common-stock owners |
| dividend | a distribution of earnings to the stockholders of a corporation |
| proxy | a legal form listing issues to be decided at a stockholders' meeting and enabling stockholders to transfer their voting rights to some other individual or individuals |
| board of directions | the top governing body of a corporation, the members of which are elected by the stockholders |
| corporate officers | the chairman of the board, president, executive vice presidents, corporate secretary, treasurer, and any other top executive appointed by the board |
| limited liability | a feature of corporate ownership that limits each owner's financial liability to the amount of money that he or she has paid for the corporation's stock |
| S-corporation | a corporation that is taxed as though it were a partnership |
| limited-liability company (LLC) | a form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership |
| not-for-profit corporation | a corporation organized to provide a social, educational, religious, or other service rather than to earn profit |
| joint venture | an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time |
| syndicate | a temporary association of individuals or firms organized to perform a specific task that requires a large amount |
| merger | the purchase of one corporation by another |
| hostile takeover | a situation in which the management and board of directors of a firm targeted for acquisition disapprove of the merger |
| tender offer | an offer to purchase the stock of a firm targeted for acquisition at a price just high enough to tempt stockholders to sell their shares |
| proxy fight | a technique used to gather enough stockholders votes to control a targeted company |
Created by:
mahepath
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