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Acquisition: The process of taking possession of something
Annual report: A document outlining the financial status of a business
Asset(s): Anything of value that a business or individual owns
Better Business Bureau: A consumer organization that monitors complaints against businesses
Board of directors: A group of people chosen to govern the activities of a corporation
Business-format franchise: A franchise arrangement in which the franchisee must operate under the trade name of the parent company that provides continuous assistance in setting up and operating the business
corporation: A form of business ownership that is considered a separate legal entity from its owners; can be owned by unlimited stockholders and is susceptible to dual taxation; a type of public corporation
Capital: Assets of a business
Commission: A percentage of the total sale amount paid to the individual or business that makes the sale
Consolidation: A form of business growth in which a corporation acquires many smaller companies
Corporation: A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of the law” (U.S. Supreme Court)
Dealership: See product trade-name franchise
Dividend: A sum of money paid to an investor or stockholder as earnings on an investment
Dual/Double taxation: The levying of two taxes on the same income (e.g., tax on a corporation’s income as well as dividends)
Exclusive distributorship: See product trade-name franchise
Expansion: A form of business growth in which a company extends its operations or facilities using new capital or reinvested funds
Franchise: A contractual agreement between a parent company and a franchisee to distribute goods or services
Franchisee: One who buys the right to sell the goods or services of the parent company (franchisor)
Franchising: A method of distributing recognized goods and services through a legal agreement between two parties
Franchisor: A parent company and owner of the name and/or system that is being distributed through a contractual franchising arrangement
General partnership: A type of partnership agreement in which all partners are liable for a business’s losses; also known as ordinary partnership
Hybrid structure: A form of business ownership that combines elements of corporations and either sole proprietorships or partnerships
Joint venture An arrangement that involves two or more businesses entering into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties
Licensee: The buyer of copyrighted, patented, or trademarked material
Licensing: A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted, or patented material for a specific activity, during a specific time period, for the profit of both parties
Licensor: The owner of copyrighted, patented, or trademarked material
Limited liability: Restricted chance of loss; a condition in which business owners risk only the amount of their investment
Limited liability company (LLC): A form of business ownership in which members of a corporation experience limited liability; there is limited taxation on company income and limited life for the business entity
Limited liability partnership (LLP): A form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partners
Limited partnership: A type of partnership agreement in which a partner has limited liability; the liability is limited to the amount of the investment
Master licensee: A person or firm who helps franchisors find franchisees in a particular region or territory
Merger: Two individual businesses that combine to form one organization
Multi-level marketing A business structure that pays commission on sales earned by people at two or more levels; the sales representatives usually work independent of the company; the representatives not only sell products but try to get others to sell them
Nonprofit corporation: A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
Operating agreement: A written document signed by members of a limited liability partnership or limited liability company that specifies the terms of the business arrangement
Partnership: A form of business ownership in which the business is owned by two or more persons
Piggyback franchise: A form of ownership in which a retail franchise operates within the facilities of another store; often referred to as the host
Private corporation: A type of corporation owned by a few people that does not offer its shares for sale to the general public; also known as closely held, or close, corporation
Private enterprise system An economic system in which individuals and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system
Product trade-name franchise: A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as dealership or exclusive distributorship
Public corporation: A type of corporation that usually sells millions of shares of stock to many stockholders; must make its financial information available to the general public
Pyramid scheme: An illegal form of multi-level marketing in which emphasis is placed on collecting initial fees from as many people as possible
Royalty: Fees paid to a parent company that are often based on a percentage of the franchise’s profits; a percentage of actual sales that a licensee pays to a licensor; usually anywhere from 5 to 15 percent.
Subchapter “S” corporation: A type of corporation that is limited to 100 or fewer shareholders, has limited shareholder liability, and requires little financial reporting; taxed as a partnership; also known as an “S” corporation
Sole proprietorship: A business owned by one person who receives all the profits from the business and takes all the risks
Stockholder: Owners of stock; also known as shareholders
Unlimited liability: Requirement that business owners be responsible for paying business debt; personal assets can be used to pay the debt
Created by: stephenreese
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