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entrepreneurship

TermDefinition
entrepreneurship the process of starting and operating your own business
entrepreneur 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 companys product or services ina designated geographic area.
sole proprietorship a business that is owned and operated by one person
unlimited liability the owners 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 nivestment in the comapny
limited liability the personal assets of the owners cannot be taken if a company does not meet its fincncial obligation or gets into legal trouble
corporation a legal entity created by either a state or federal statue, authorizing individuals to operate an enterprise
stockholders the owners of a corporation and have limited liability
foreign corporation one that is incorporated under the laws of a state that differs from the one in which it does business.
limited liability company a relatively a new form of business organization that is any brid of a partnership and a corporation
DBA is the resigration by which the county goverment offically recognizes that a new proprietorship or partnership exist
articles of incorporation identify the name and address of a new corporation, its purpose,and the names of the inital directors
Created by: chasidy30
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