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AR ENTRE 1 U2
Arkansas Entrepreneurship I Unit 2
| Term | Definition |
|---|---|
| Board of directors | a group of people who meet several times a year to make important decisions affecting the company |
| Business broker | a person who sells businesses for a living |
| Business plan | a document that describes all the steps necessary in opening and operating a successful business |
| Corporation | a business with the legal rights of a person, and which may be owned by many people |
| Cover letter | a letter that explains or provides more information about a document or set of documents |
| Dividends | distributions of profit to shareholders by corporations |
| Franchise | a legal agreement that gives an individual the right to market a company's products or services in a particular area |
| Initial franchise fee | a fee the franchise owner pays in return for the right to run the franchise |
| Incorporate | to set a business up as a corporation |
| Partnership | a business owned by two or more people |
| Pro forma financial statements | financial statements based on projections |
| Royalty fees | weekly or monthly payments made by the owner of the franchise to the seller of the franchise |
| Share of stock | a unit of ownership in a corporation |
| Sole proprietorship | a business owned exclusively by one person |
| Start-up costs | one-time only expenses that are paid to establish a business |
| Trade associations | organizations that promote certain types of businesses |
Created by:
sreed2016
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