Sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.

An unincorporated company with one or more partners via an agreement

Types of this business structure include C, S, LLC, and Nonprofit.

Most major businesses in the U.S. are this type of corporation.

Combines the legal terms of C-corporations with partnership-like federal income taxation.

Limited liability company - a hybrid business entity that has characteristics of both a corporation and partnership.

Organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends.

Formation of a new corporation.

System in which corporate profits are taxed at a corporate tax rate, and dividends paid to shareholders are taxed at a separate rate.

Business model in which a company expands and opens new locations with individual owners who carry out all the functions of the business.

The act of being an entrepreneur or “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”.

A formal set of business goals the reasons they are believed attainable, and the plan for reaching those goals.

A snapshot of the business plan as a whole, outlining the company profile and goals.

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BU106 Unit 2.1

Term	Definition
sole proprietorship	Sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
partnership	An unincorporated company with one or more partners via an agreement
corporation	Types of this business structure include C, S, LLC, and Nonprofit.
C corporation	Most major businesses in the U.S. are this type of corporation.
S corporation	Combines the legal terms of C-corporations with partnership-like federal income taxation.
LLC	Limited liability company - a hybrid business entity that has characteristics of both a corporation and partnership.
Nonprofit	Organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends.
incorporation	Formation of a new corporation.
double taxation	System in which corporate profits are taxed at a corporate tax rate, and dividends paid to shareholders are taxed at a separate rate.
franchise	Business model in which a company expands and opens new locations with individual owners who carry out all the functions of the business.
entrepreneurship	The act of being an entrepreneur or “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”.
business plan	A formal set of business goals the reasons they are believed attainable, and the plan for reaching those goals.
executive summary	A snapshot of the business plan as a whole, outlining the company profile and goals.

Created by: kredding

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