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Kegley Vocab
Intro to Business and Tech
| Term | Definition |
|---|---|
| Stockholder | Somebody who owns one or more shares of a company’s stock |
| Sole proprietorship | A type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. |
| Unlimited liability | A type of investment in which a partner or investor can lose an unlimited amount of money. opposite of limited liability |
| Partnership | A partnership is an arrangement in which parties agree to cooperate to advance their mutual interests |
| General partner | Two or more persons engaged in a business for profit. |
| Limited partner | It is a partnership in which only one partner is required to be a general partner |
| Master limited partnership (MLP) | A limited partnership that is publicly traded on a securities exchange. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. |
| Corporation | A separate legal entity that has been incorporated through a legislative or registration process established through legislation. |
| Stock | (Also capital stock) of an incorporated business constitutes the equity stake of its owners. |
| Closed corporation | A corporation in which all of the voting stock is held by a few shareholders, such as management or family members. Also called private company. |
| Open corporation | Firm whose shares are publicly traded, and are not monopolized by a small group of investors. Opposite of closed corporation. |
| Domestic corporation | Local corporation, formed under the laws of the jurisdiction where it is domiciled. |
| Foreign corporation | Firm incorporated under the laws of a foreign jurisdiction and owned or controlled by non-nationals. Also called alien corporation, foreign concern, or foreign firm. |
| Alien corporation | Firm incorporated under the laws of a foreign jurisdiction and owned or controlled by non-nationals |
| Common stock | Type of security that serves as an evidence of proportionate ownership, imparts proportionate voting rights, and gives its holder unlimited proportionate claim on the assets and income of the firm |
| Preferred stock | Class of stock (shares) that pays fixed and regular interest income, instead of a dividend (whose payment and amount depends on factors beyond stockholder's control). |
| Dividend | A share of the after-tax profit of a company, distributed to its shareholders according to the number and class of shares held by them. |
| Proxy | Written authorization from an absent member (or a shareholder, called the 'principal') that confers a limited power of attorney on another person, member, or management of the firm to vote on the direction |
| Board of directors | Governing body of an incorporated firm. Its members (directors) are elected normally by the subscribers (stockholders) of the firm (generally at an annual general meeting or AGM) to govern the firm and look after the subscribers' interests |
| Corporate officers | A Corporate Officer is a high ranking person in a given corporation that is assigned a title indicating his position within the corporation |
| Limited liability | The legal protection available to the shareholders of privately and publicly owned corporations under which the financial liability of each shareholder for the company's debts and obligations is limited to the par value of his or her fully paid-up shares |
| S-corporation | Do not pay any federal income taxes. Instead, the corporation's income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. |
| Limited-liability company (LLC) | combines the limited personal liability feature of a corporation with the single taxation feature of a partnership or sole-proprietorship firm. Its profits and tax benefits are split any way the stockholders/ shareholders |
| Not-for profit corporation | Is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. |
| Cooperative | Firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one-vote principle |
| Joint venture | New firm formed to achieve specific objectives of a partnership like temporary arrangement between two or more firms. |
| Syndicate | Temporary association of two or more individuals or firms to carry out a specific business venture or project such as large scale real estate development. Syndicates are commonly treated as corporations or partnerships for tax purposes. |
| Merger | Voluntary amalgamation of two firms on roughly equal terms into one new legal entity. Mergers are effected by exchange of the pre-merger stock (shares) for the stock of the new firm. |
| Hostile takeover | Acquiring a firm despite the disapproval of, or open resistance from, its board of directors. The acquirer usually takes the takeover offer direct to the target firm's stockholder or seeks their approval to remove the obstructing board members. |
| Tender offer | Bid or offer submitted in response to an invitation to bid (ITB) or request for tenders. |
| Proxy fight | Unfriendly contest for the control of an organization in which two or more groups seek proxies from the members or eligible voters to back their takeover attempt. |
Created by:
paige.kegley
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