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Chapter 4
| Question | Answer |
|---|---|
| Sole Proprietorships | A business that is owned (and usually operated) by one person |
| Partnership | A voluntary association of two or more persons to act as co-owners of a business for profit |
| General partner | A person who assumes full or shared responsibility for operating a business |
| Limited partner | A person who contributes capital to a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership |
| Master limited partnership (MLP) | a business partnership that is owned and managed like a corporation but taxed like a partnership |
| Corporations | 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 stock is owned by relatively few people and is not sold to the general public |
| Open corporation | A corporation whose stock is bought and sold on security exchanges and can be purchased 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 it which it is incorporated |
| Alien corporation | A corporation chartered by a foreign government and conducting business in the U.S. |
| Common stock | Stock owned by individuals or firms who may vote on corporate matters but whose claims on profit 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 directors | 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 of directors |
| Limited liability | Each owner’s financial liability is limited to the amount of money that he or she has paid for the corporation’s stock |
| S-corporations | A corporation that is taxed as if it were a partnership |
| Limited-liability company (LLC) | Form of business ownership combining the benefits of a corporation and partnership but avoids some of restrictions and disadvantages |
| Not-for-profit corporations | Corporations organized to provide social, educational, religious, or other services, rather than to earn a profit |
| Cooperatives | Associations of individuals or firms whose purpose is to perform some business function for its members |
| Joint ventures | Agreements 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 |
| Syndicates | Temporary associations of individuals or firms organized to perform a specific task that requires a large amount of capital |
| Merger | The purchase of one corporation by another |
| Hostile takeover | A situation in which the management and board of directors of the 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 stockholder votes to control a targeted company |
| Unlimited liability | A legal concept that holds a business owner personally responsible for all the debts of the business |
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