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Unit 3-1

Unit 3-1 Business Organizations (Chapter 8)

TermDefinition
Business Organization an establishment formed to carry out commercial enterprise.
Sole Propritorship a business owned and managed by a single individual
Liability the legally bound obligation to pay. It is unlimited for sole proprietorships.
Fringe Benefit Payment other than wages or salaries. For example: Health Insurance.
Partnership A business owned by two or more persons who agree on division of responsibilities and profits
General Partnership partnership in which the partners share equally in responsibility and liability.
Limited Partnership Partnership in which only one partner is the general partner
Limited Liability Partnership Partnership in which all partners are limited partners
Corporation A legal entity owned by individual stockholders
Closely Held Corporation issues stock to only a few people, often family members
Publicly Held Corporation Sells stock on the open market.
Certificate of Incorporation License to form a corporation. Issued by a state government.
Conglomerate Merging of at least three businesses that make unrelated products.
Business Franchise semi-independent business that pays fees to a parent company in return for the right to sell a product or service in a given area.
Royalty share of earnings given as a payment to the parent company
Created by: croper1