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Unit Vocab 3

QuestionAnswer
C-corporation The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation
A business that is chartered by a state and legally operates apart from its owners Corporation
A legal agreement that gives an individual the right to market a company’s products or services in a particular area Franchise
Franchisee A person who purchases a franchise agreement.
Franchisor The person or company who sells a franchise
A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business. General partnership
Initial franchise fee The fee the franchise owner pays in return for the right to run the business
A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time. Joint venture
The owners of a business are liable only up to the amount of their investment in the business. Limited liability
Limited Liability Company (LLC) A new form of business ownership that provides tax advantages and limited liability.
Limited partnership A partnership in which the partners’ liability is limited to their investment
Legal entities that make money for reasons other than the owner’s profit Nonprofit corporation
Partnership A form of business ownership in which two or more people share the assets, liabilities, and profits.
Goods from which everyone receives benefits Public goods
Sole proprietorship A business owned and operated by one person
A partnership in which two businesses work together for mutual benefit. Strategic alliance
A corporation that is taxed as a sole proprietorship or partnership Subchapter S corporation
Unlimited liability The debts of the business must be paid from the personal assets of the owner
Created by: D.Smith
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