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Chapter 5
Business Organizations
| Term | Definition |
|---|---|
| Extractor | a business that takes resources from nature for direct consumption or for use in developing other products. |
| Farmers | people who cultivate land and use other natural resources to grow crops and raise livestock for consumption. |
| Franchise | a written contract granting permission to operate a business to sell products and services in a set way. |
| Franchisee | the company purchasing the rights to run the business. |
| Franchiser | the company that owns the product or service and grants the rights to another business. |
| Goal | a precise statement of results the business expects to achieve. |
| Intermediaries | businesses involved in selling the goods and services of producers to consumers and other businesses. |
| Joint venture | a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership. |
| Limited liability company (LLC) | form of business ownership that provides liability protection for owners. It has a simpler set of organizing and operating requirements than a corporation. No articles of incorporation or bylaws are needed. A simple documen |
| Limited liability partnership (LLP) | a partnership that identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the day-to-day management of the business. |
| Manufacturers | businesses that get supplies from other producers and convert them into products. They sell their products to consumers and other businesses. |
| Mission statement | short, specific written statement of the reason a business exists and what it wants to achieve. |
| Nonprofit corporation | a group of people who join to do some activity that benefits the public. |
| Organization chart | a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications. |
| Partnership | a business owned and controlled by two or more people who have entered into a written agreement. |
| Partnership agreement | a written agreement among all owners detailing the rules and procedures that guide ownership and operations. |
| Policies | guidelines used in making consistent decisions. |
| Procedure | a list of steps to be followed for performing a particular work activity; a description of the way work is to be done. |
| Producers | individuals and organizations that determine what products and services will be available for sale. |
| Sole Proprietorship | a business owned and run by just one person. |
| Responsibility | the obligation to complete specific work. |
| S corporation | a corporate form of business that offers the limited liability of a corporation. |
| Service business | a business that carries out activities that are consumed by its customers. |
| Span of control | the number of employees who are assigned to a particular work task and manager. |
| Unity of command | a clear reporting relationship for all staff of a business. |
Created by:
spuccini
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