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Entrepreneurial cpt.

Definitions

TermDefinition
Entrepreneurship the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Entrepreneurs a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Franchise an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.
Sole Propietorships A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return
Unlimited Liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities.
Partnership an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability.
General partership an arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.
Limited Partnership a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the Limited Partnership, and a limited partner, who has limited liability but cannot participate in management.
Limited Liability where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership.
Corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Stockholders a shareholder.
Foreign Corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Limited Liability Company a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. are essentially hybrid entities that combine the characteristics of a corporation and a partnership or sole proprietorship.
Doing Bussiness As (DBA) a term that is used in today's business industry in regards to the liability and formal actions that are taken by a particular company. Doing business as means that the company is working under a fictitious name, concealing its true identity.
Articles of Incorporation also referred to as the certificate of incorporation or the corporate charter, act as a charter to establish the existence of a corporation in the United States and Canada, and are filed with the Secretary of State, or other company registrar.
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