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business

TermDefinition
entrepreneurship the 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 services in a designated geographic area
sole proprietorship a business that is owned and operated by one person
limited liability the owner's financial liability is not limited to investments in the business
partnership a legal agreement between two or more people to be jointly responsible for the sucess or failure of a business
general partnership each partner shares in the profits and losses
limited partnership each limited partner is liable for any debts only up to the amount of his or her investment in the company
limited liability means that i a company does not meet its financial obligations or if it gets into legal trouble.
corporation a legal entity created by either a state or a federal statue, authorizing individuals to operate an enterprise
stockholders the owners of a corporation and have limited liability
foreign corporation is one that is incorporated under laws of a state that differs from the one in which it does business
limited liability company [LLC] a relatively new form of business organization that is a hybrid of a partnership and a corporation
DBA [doing business as] is the registration by which the county government officially recognizes that a new proprietorship or partnership exists
Article of incorporation identify the name and address of a new corporation, its purpose, and the names of the initial directions
Created by: steve nam
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