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Business Partnership
Entrepreneurship
| Term | Definition |
|---|---|
| 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 services in a designated geographic area |
| Sole Proprietorship | a business that owned and operated by one business |
| Unlimited 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 success 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 company |
| Limited Liability | means that the personal assets of the owners cannot be taken if the 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 | one that is incorporated under the 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) | the registration by which the county government officially recognizes that a new proprietorship or partnership exists |
| Articles of Incorporation | identify the names and address of a new corporation, its purpose, and the names of the initial directors |
Created by:
rymeer
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