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Ent 1 Obj 105
Types of Business
| Term | Definition |
|---|---|
| Acquisition | The process of taking possesion of something acquiring another business by purchasing it |
| Annual report | A document outlining the financial status of a business |
| Asset | Anything of value that a business or indiviual owns |
| Better business Bureau | A consumer organization that monitors complaints against businesses |
| Board of directors | A group of people chosen to govern the activities of a corporation |
| Business-format franchise | A franchise arrangement in which the franchisee must operate under the trade name of the parent company that provides continuous assistance in setting up and operating the business |
| C Corporation | A form of business ownership that is considered a separate legal entity from its owners can be owned by unlimited stockholders and is susceptible to dual taxation also known as a public corporation |
| Capital | Assets of a business |
| Commission | A percentage of the total sale amount paid to the individual or business that makes the sale |
| Consolidation | A form of business growth in which a corporation acquires many smaller companies |
| Corporation | A form of business ownership that is owned by stockholders who have purchased units or shares of the company an artifical being invisible, intangible, and existing only in contemplation |
| Dealership | See product trade-name franchise |
| Dividend | A sum of money paid to an investor or stockholder as earnings on an investment |
| Dual/Double taxation | The levying of two taxes on the same income tax on a corporation income as well as dividends |
| Exclusive distributorship | See product trade-name franchise |
| Expansion | A form of business growth in which a company extends its operation or facilities using new capital or reinvested funds |
| Franchise | A contractual agreement between a parent company and a franchisee to distribute good or services |
| Franchisee | One who buys the right to sell the goods or services of the parent company |
| Franchising | A method of distributing recognized goods and services through a legal agreement between two parties |
| Franchisor | A parent company and owner of the name and/or system that is being distributed through a contractual franchising arrangement |
| General partnership | A type of partnership agreement in which all partners are liable for a business ownership that combines elements of corporations and either sole proprietorships or partnerships |
| Hybrid structure | A form of business ownership that combines elements of corporations and either sole proprietorships or partnerships |
| Joint venture | An arrangement that involves two or more businesses entering into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties: the relationship is usually short-term or |
| Licensee | The buyer of copyrighted patented or trademarked material |
| Licensing | A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted or patented material for a specific activity |
| Licensor | The owner of copyrighted, patented, or trademarked material |
| Limited liability | Restricted chance of loss a condition in which business owners risk only the amount of their investment |
| Limited liability company LLC | A form of business ownership in which members of a corporation experience limited liability there is limited taxation on company income and limited life for the business entity |
| Limited liability partnership LLP | a form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partners |
| Limited partnership | A type of partnership agreement in which at least one partner has limited liability and a general partner has unlimited liability the liability of the limited partners is limited to the amount of their investment |
| Master licensee | A person or firm who helps franchisors find franchisesees in a particular region or territory |
| Merger | Two individual businesses that combine to form one organization |
| Multi level marketing | the practice of selling goods or services on behalf of a company in a system whereby participants receive commission on their sales as well as the sales of any participants they recruit. |
| Non profit corporation | a legal entity, incorporated at the state level, that operates for public benefit rather than to generate profit for shareholders. |
| Operating agreement | A written document signed by members of a LLP or LLC that specifies the terms of their business arragement |
| Partnership | A form of business ownership in which the business is owned by two or more persons |
| Piggyback franchise | when two different franchises operate within the same physical location, sharing costs and leveraging each other's brand recognition and customer base. |
| Private corporation | a privately held company that is not listed on public stock exchanges and does not offer its shares to the general public for sale |
| Private enterprise system | an economic system where individuals or groups, rather than the government, own and control businesses and resources, driven by the pursuit of profit and operating within a competitive market framework |
| Product trade name franchise | a business arrangement where a franchisor grants a franchisee the right to sell a specific product or line of products under the franchisor's brand name, trademark, and logo |
| Public corporation | a company whose shares are traded freely on a stock exchange. |
| Pyramid scheme | A pyramid scheme is a fraudulent, unsustainable, and illegal business model where participants make money primarily by recruiting new investors, rather than by selling actual products or services to customers |
| Royalty | a recurring payment made by one party (the licensee) to another party (the licensor) for the use of an asset, typically intellectual property like patents, trademarks, copyrights, or the rights to extract natural resources |
| Shareholders | a person, company, or institution that owns at least one share of a company's stock or a share of a mutual fund |
| Sole propietorship | a business with a single owner, where there is no legal distinction between the owner and the business itself |
| Stockholders | A stockholder is an individual, company, or entity that owns at least one share of a corporation's stock, representing a portion of ownership (equity) in that company. |
| Subchapter S corporation | a legal business entity that elects to be taxed as a pass-through entity, avoiding double taxation by passing income, losses, deductions, and credits directly to its shareholders who report them on their personal tax returns |
| Unlimited liability | an owner is personally responsible for all business debts and obligations, with their personal assets, like a house or savings, at risk if the business cannot pay |
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