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AR Entrepreneurship
Entrepreneurship1 Unit 2
Term | Definition |
---|---|
Board of directors | a group of people who meet several times a year to make important decisions about a corporation |
business broker | a person who sells businesses for a living |
business plan | a document that describes all the steps necessary in opening and operating a successful business |
corporation | a business with the legal rights of a person, and which may be owned by many people |
Cover letter | a letter that explains or provides more information about a document or set of documents |
dividends | distributions of profit to shareholders by corporations |
franchise | a legal agreement that gives an individual the right to market a company's products or services in a particular area |
Incorporate | to set a business up as a corporation |
initial franchise fee | a fee the franchise owner pays in return for the right to run the franchise |
partnership | a business owned by two or more people |
pro forma financial statements | financial statements based on projections |
royalty fees | weekly or monthly payments made by the owner of the franchise to the seller of the franchise |
share of stock | a unit of ownership in a corporation |
sole proprietorship | a business owned exclusively by one person |
start-up costs | one-time only expenses that are paid to establish a business |
trade associations | organizations that promote certain types of businesses |