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entrepreneurship
| Term | Definition |
|---|---|
| entrepreneurship | the process of starting and creating your own buisness |
| entrepreneurs | people who create,launch,organize,and manage a new buisness and take the risk of business ownership |
| franchise | a legal agreement to sell a parent company's product or sevices in designated geographic area |
| sole prorietorship | a buisness that is owned and operated by one person` |
| unlimited libility | 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 success or failure of a buisness |
| 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 company |
| limited liability | the personal assets of owners cannot be taken if a company does not meet its financial obligations or if it gets into legal trouble |
| corporation | a legal entintiy created by either a state or federal statue, authorizing individuals to operate an enterprise |
| stockholders | the owner of a coroperation and have limited liability |
| foreign corporation | one that is incoporated under the laws of a state that differs from the one in which it does buisness |
| limited liability company(LLC) | a hybrid of a partnership and corporation |
| doing buisness as(DBA) | the registration by which the county government offically recognizes that a new proprietorship or partnership |
| articles of incorporation | identify the name and address of a new coropration, its purpose, and the names of the initial directors |