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Price is Right Accou

Accounting Chapter 1-2

TermDefinition
Corporation Consist of a person or group of people who become stockholders
Entrepreneur Transforms ideas for product or services into real-world business
Franchise a form of business organization in which a firm already has a successful product or service enters into a continuing contractual relationship with the another person
Franchisee he buyer of a company name, logo, and product from the franchise
Franchisor owner of a successful product or service who contracts out to another person
Limited Liability Corporation a hybrid of a partnership and a corporation
Ownership the act, state, or right of possessing something
Partnership Unincorporated business organization in which multiple individuals participate in ownership
Sole Proprietorship Unincorporated business that is owned by one individual
Stockholders a shareholder or owner of a corporation
Store Chain Group of retail outlets owned by one firm and spread nationwide or worldwide
Unlimited Liability refers to the legal obligations about being liable for all business debts if the business can't pay it's liabilities
Created by: yparson
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