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1st vocab
| TERM | DEFINITION |
|---|---|
| entrepreneurs | Someone who creates a new business and takes risk of business ownership |
| franchise | A legal agrreement to sell a parents company's product to designated geographic area |
| sole proprietorship | business that is owned and operated by 1 person |
| unlimited liability | investment in which the business owner's finacial liability is not limited to investments in the business but extends to their total ability to make payments |
| partnership | legal agreement between 2 or more people to be jointly responsible for the success or failure of a business |
| general partnership | business ownership in which each partner shares the profits and losses |
| limited partnership | Businesss ownership where each limited partner is liable for any debts only up to the amount of their investment |
| limited liability | investment that mean personal assets of an owner cannot be taken if a company does not meet it obligations |
| corporation | A legal entity created by either a sate or federal statute, authorizing to opertate an enterprise |
| stockholders | owner of a corporaton with limited liability |
| foreign corporation | One that is incorportated under the laws if a sate that differs from the one in which it does business |
| limited liability company | A relativey new form of buisness organization that is a hybrid of a partnership and a corporation |
| Doing Business As (DBA) | The registration by which the county government officially recognizes that a new proprietorship or partnership exists. |
| Articles of Incorporation | Identifies the name and address of a new corporation,its purpose,the names of the initial directors, and the amount of stock that will be issued to each director |
| entrepreneurship | Skills of people who are willing to invest their time and money to run a business |
Created by:
Marri0203
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