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Ent 1.05
| Term | Definition |
|---|---|
| Acquisition | The process of taking possession 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 individual owns |
| better business bureau | a consumer organization that monitor complaints against businesses |
| board of directors | a group of people chosen to govern the activities of the corporation |
| business format franchise | a franchise arrangement in which the franchise must operate under he trade name of the parent company that provides continuous assistance in setting up 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 artificial being exisitng only in contemplation of law |
| dealership | see product trade-name franchise |
| dividend | a sum of money paid to an investor or stock holder as earning on an investment |
| daul/double taxation | the levying of two taxes on the same income tax on corporations income as well as dividends |
| exclusive distributorship | see product trade-name franchise |
| expansion | a form of business growth in which a company extends its operations or facilities using new capital or reinvested funds |
| franchise | a contractual agreement between a parent company and a franchise to distribute goods or services |
| franchisee | one who buy 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 o 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 losses also known as ordinary partnership |
| hybrid structure | a form of business ownership that combines elements of corporations and either sole proprietorships |
| joint venture | an arrangement that involves two or more businesses entering into a relationship by combining contementary recourses such as technology, skills, capital or distribution channels for the benefit of all parties the relationshipis usually short term |
| 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 an activity |
| licensor | the owner of copyrighted pateneted or trademarked material |
| limited liability | restricted chance of loss a condition in which business owners rusk only the amount of their investment |
| limited liability company | a form of business ownership in which members of a corporation experience limited liability there is limited taxation on company income |
| limited liability partnership | a form of business ownership that is generally used by business professionals for th epurpose of protecting innocent partners from the malpratice of other partners |
| limited partnersip | a type of partnership agreement in which at least one partner has limited liability and a gernal partner has unlimited liability limited to the amount of invesments |
| master licensee | a person or firm who helps frnachisors find franchisees in a particular region or territory |
| merger | two individual businesses that combine to form one organization |
| multi level marketing | a business structure that pays commissions on sales earned to people at two or more levels the sales representatives usually work independtly of the company the represenatives not only sell products but try to get others to sell them |
| non profit corperation | a legal business structure that primarily operates for the purpose of serving others no to make a profit income is ised to cover operational expenses can be exempt form paying some or all taxes |
| operating agreement | a written document signed by members of limited liability partnership or limited liability company that specifies the terms of their business arrag=ngement |
| partnership | a form of business ownership in which the business is owned by two or more persons |
| piggyback franchise | a form of ownership in which a retail franchise operates within the facility of another store often referred to as host |
| private corporation | a type of corporation owned by a few people that does not offer it shares for sale to the gerneral public also known as closely held or close corpertation |
| private enterprise system | an economic system in which individuals and groupds rather than the government own or control the means of a production also known as free market economy private profit system market system capitalistic system or free enterprise system |
| product trade name franchise | a franchise arrangement based on an independent sales relationship between a franchisor and a franchise to stock and sell a specific line of goods also known as dealership or exclusive distributorship |
| public corperation | a type of corperation that usually sells millions of shares of stock to many stockholders must make its financial information availible to the general public also known as c coperation |
| pyramid scheme | an illegal form of multi level marketing in which emphasis is placed on collecting initial fees from as many people as possible |
| royalty | fees paid to a parent company that ae often based on a percentage of the franchises profits a percentage of actual sales that a licensee pays to a licensor usually anywhere from 5 to 15$ |
| shareholders | owners of stock also known as stockholders |
| sole properietorship | a business owned by one person who receives all the profits from the business and takes all the risks |
| stock holders | owners of stock also known as share holders |
| subchapter s corporation | a ype of corporation that is limited to 100 or fewer shareholders has limited shareholder liability and requres little financial reporting taxed as a partnership also known as an s coporation |
| umlimited liability | requirment that business owners be respnsible for paying business debt personal assets can be used to pay the debt |
Created by:
Jose.E
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