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Marketing

TermDefinition
Enterpreneurship Process of starting and operating your own business
Entrepreneurs people who create,launch,organize, and manage a new business and take the risk of business ownership
franchise A legal agreement to sell a parent company's product or service in a designated geographic area
Sole prepreitorship A business that is owned and operated by one person
Unlimited liability the owner's financila liability isnot limited to investmesntsd in the business
partnership A legal agreement between two or more people to be joinly resposible foe the success or failure of a business
generalpartnership Each partner shares in the profits and losses
limited partnership Limited partner is liable for any debts only up to the amount of hisor her investment in the company
limited liabilty The personal assets of the owners cannot be taken ifg a company does not goes well and falls into legal trouble
Corporation A legal entity created by either a state or a federal statute, authorizing individuals to operate an enterprise
Stockholders The owners of a corporation and have limited liability
foreign corporation One that is incorpated under the laws of a state that differs from the one in which it does business
LLC A reletivly n ew form of business organization that is a hybird of a partnership and a corporation
DBA The registrationvby which the county gov. officialy recongizes that a new propreitorship or partnership exists
Articles of incorporation The name and address of a new corporatio0n , its purpose, and the names of the intial directors
Created by: Rm02252002
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