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Forms of Businesses
| Term | Definition |
|---|---|
| Partnership | a business owned by two or more persons who share the risks and rewards |
| Stock | shares of ownership in a corporation |
| Intermediary | business that acts as a go between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors |
| Sole proprietorship | a business owned by only one person |
| Corporation | a business treated by law as separate from its owners |
| Processors | businesses that change raw goods into more finished products |
| Manufacturers | businesses that make finished products out of raw processed goods |
| Unlimited liability | full legal and financial responsibility for a business |
| Limited liability | financial responsibility of business owners only for what they invested in a business |
| Franchise | a contractual agreement to use the name and sell the goods or services of an existing company |
| Nonprofit organization | a business whose main purpose is to provide a service rather than to make a profit |
| Cooperative | an organization of businesses owned and operated by the members, who pool their resources and share the benefits |
| Producer | a business that gathers raw products in their natural state |
| Wholesaler | a type of business that buys goods in large amounts and resells them to other businesses in smaller lots |
| Retailer | a business that sells goods or services directly to the public |
Created by:
jenjones
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