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| Question | Answer |
|---|---|
| partnership | a legal agreement between two or more people to be jointly responsible for the success or failure of a business |
| General partnership | a type of business ownership in which each partner share in the profits and losses |
| Limited partnership | a type of business ownership in which each limited partner is liable for any debts only up to the amount of his or her investment in the company |
| limited liability | a type of investment in which the personal assets of the owners cannot be taken if a company does not meet its financial obligations or gets into legal trouble |
| corporation | a legal entity created by either a state or federal statue, authorizing individuals to operate an enterprise |
| stockholder | an owner of a corporation with limited liability |
| foreign corporation | one that is prevented under order the loss of state |
| LLC | the owners, or members, are protected from personal liability |
| owning a franchise | a franchise has a lot of help from the franchisor, a large amount of capital is needed to purchase most franchise |
| franchsie | a legal agreement to sell a parent company's product |
| sole proprietorship | a business that is owned and operated by one person |
| unlimited liability | a type of investment in which the business owners financial liability is not limited to investments in the business |
| DBA | the registration by which the county government officially recognizes that a new proprietorship or partnership exists |
| articles of incorporation | identifies the name and address of a new corporation, its purpose , the names of the initial directors, and the amount of stock that will be issued to each director |