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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 |
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