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ch.6 entreprenuer

TermDefinition
sole proprietorship is an unincorporated business with one owner who pays personal income tax on profits from the business.
unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made.
partnership an association of two or more people as partners
corporation a company or group of people authorized to act as a single entity
limited liability A type of liability that does not exceed the amount invested in a partnership or limited liability company.
cooperative a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits.
nonprofit organizations A business entity that is granted tax-exempt status by the Internal Revenue Service.
franchise an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities
producer a person, company, or country that makes, grows, or supplies goods or commodities for sale.
processor a machine that processes something.
manufacturer a person or company that makes goods for sale.
intermediary a person who acts as a link between people in order to try to bring about an agreement
wholesaler is an intermediary entity in the distribution channel that buys in bulk and sells to re-sellers rather than to consumers.
retailer businesses that sell goods directly to individuals.
production the action of making or manufacturing from components or raw materials
procurement the action of obtaining or procuring something.
marketing business of promoting and selling products or services
management process of dealing with or controlling things or people.
finance the management of large amounts of money
accounting process of keeping financial accounts.
Created by: 280118
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