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Obj 1.05
| Term | Definition |
|---|---|
| Acquisition | The process of taking possession of something. |
| Annual report | A document outlining the financial status of a business |
| Asset(s) | Anything of value that a business or individual owns |
| Better Business Bureau | A consumer organization that monitors complaints against businesses |
| Board of directors | A group pf 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 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 aquirres many smaller companies |
| Corporation | A for of business ownership that is owned by stockholders who have purchased units or shares of the company: an " artificial being invisible, intangible and existing only in contemplation of law" ( U.S Supreme Court |
| 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 of the same income |
| Exclusive distribution | 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 buys the right to sell 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/or system tat is being distributed through a contractual franchsing agreement |
| General partnership | A general partnership is a business structure created by two or more people who agree to co-own and operate a business for profit, with each partner contributing money, labor, or skills and sharing in the profits and losses |
| Hybrid structure | form of business ownership that combines elements of corporations and either sole proprietorships or partnerships |
| Joint venture | 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 fo |
| Licensee | buyer of copyrighted, patented, or trademarked material |
| Licensing | business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g., logo, name), or patented material for a specific activity, during a specific time period, for the profit of both partie |
| Licensor | 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) | 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) | 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 | 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 partner(S) is limited to the amount of their investment |
| Master licensee | person or firm who helps franchisors find franchisees in a particular region or territory |
| Merger | two individual businesses that combine to become one |
| Multi-level marketing | A business structure that pays commissions on sales earned to people at two or more levels; the sales representatives usually work |
| Nonprofit corporation | A legal business structure that primarily operates to serve others not to make a profit and sometimes is exempt from paying taxes |
| Operating agreement | A written document signed by members of a limited liability partnership(LLP) or limited liability company (LLC) that specifies the terms of their business arrangement |
| Partnership | A form of business ownership in which ownership belongs to two or more people |
| Piggyback franchise | A form of ownership in which a retail franchise operates within the facilities of another store |
| Private corporation | A type of corporation owned by a few people that does not offer its shares for sale to the general public. |
| Private enterprise system | AN economic system in which individuals and groups rather than the government, own or control means of production; also known as free market economy |
| Product trade-name franchise | A franchise arrangement based on independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods |
| Public corporation | A type of corporation that typically sales millions of shares of stock to many stockholders; must make its financial information available to the genreal public. |
| 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 are often based on a percentage of the franchise profits; a percentage of actual sales that the liscensee pays to the liscensor; usually anywhere from |
| Shareholders | owners of stock also known as stockholders |
| Sole proprietorship | A business owned by one person who receives all the profits and assumes all the risk |
| Stockholders | owners of stock also known as shareholders |
| Subchapter "S" corporation | A type of corporation that is limited to loo or less shareholders; has limited shareholder liability and requires little financial reports |
| Unlimited liability | Requirement that business owners be responsible for paying business debts; personal assets can be used to pay the debt |
| ` |
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