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Ent 1 Obj 105
Types of Business
| 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 an individual 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 franchise must operate under the trade name of the parent company that provides continuous assistances in setting up and operating the business. |
| "C" corporation | A form of business owner ship that is considered a separate legal entity from its owners; can be own by unlimited stockholders and is susceptible to dual taxation; also known as a public corporation. |
| Capital | Assets of business. |
| Commission | A percentage of the total sale amount paid to an 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, invisible, intangible, and existing only in contemplation of law". |
| 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. |
| Exclusive distributorship | See product trade-name franchise. |
| Expansion | A form of business growth in which a company extends it operations or facilities using new capital or reinvested funds. |
| Franchise | A contractual agreement between a parent company and a franchisee to distribute goods 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 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's losses; also known as ordinary partnership. |
| Hybrid structure | A form of business ownership that combines elements of corporations and either sole proprietorship. |
| 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. |
| 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, during a specific time period, for the profit of both parties. |
| 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 investments. |
| Master licensee | A person or a firm who helps franchisors find franchisees in a particular way 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 independently of the company; the representatives not only sell products but try to get others to sell them. |
| Nonprofit corporation | A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expanses; can be exempt from paying some or all taxes. |
| Operating agreement | A written document signed by members of a limited liability partnership or a limited liability company that specifies the terms of their business arrangement. |
| Partnership | A form of business ownership in which business is owned by two or more persons. |
| Piggyback franchise | A form of ownership in which retail franchise operates within facilities of another store, often referred to as the host. |
| Private corporation | a type of corporation owned by a few people that does not offer its shares for sale to the general public; also known as closely held, or close, corporation. |
| Private enterprise system | An economic system in which individuals and groups, rather than the government, own or control the means of the production; also known as free market economy, private profit system, mark system, capitalistic system, or free enterprise system. |
| Product trade-name franchise | A franchise arrangement base on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also knows as dealership or exclusive distributorship. |
| Public corporation | A type of corporation that usually sells millions of shares of stock to many stockholders; must make its financial information available to the general public; also known as "C" corporation. |
| 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's 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 proprietorship | A business owned by one person who receives all the profits from the business and takes all the risk. |
| Stockholders | Owners of stock; also known as shareholders. |
| Subchapter "S" corporation | A type of corporation that is limited to 100 or fewer shareholders, has limited shareholders liability, and requires little financial reporting; taxed as partnership; also known as an "S" corporation. |
| Unlimited liability | Requirement that business owners be responsible for paying business debt; personal assets can be used to pay the debt. |
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