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The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation.
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A business that is chartered by a state and legally operates apart from its owners.
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3.01-3.02 vocab
| Question | Answer |
|---|---|
| The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation. | C-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 |
| A person who purchases a franchise agreement. | Franchisee |
| The person or company who sells a franchise. | Franchisor |
| A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business. | General partnership |
| The fee the franchise owner pays in return for the right to run the business. | Initial franchise fee |
| 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 |
| A new form of business ownership that provides tax advantages and limited liability. | Limited Liability Company (LLC) |
| A partnership in which the partners’ liability is limited to their investment. | Limited partnership |
| Legal entities that make money for reasons other than the owner’s profit. | Nonprofit corporation |
| A form of business ownership in which two or more people share the assets, liabilities, and profits. | Partnership |
| Goods from which everyone receives benefits. | Public goods |
| A business owned and operated by one person. | Sole proprietorship |
| 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 |
| The debts of the business must be paid from the personal assets of the owner. | Unlimited liability |
| The SBA promotes small business development, helps businesses secure government contracts, and provides assistance and advice on how small businesses can increase revenues and profits. | Small Business Administration (SBA) |
| A volunteer organization in which retired business executives share their business experience with small business owners. | Service Corps of Retired Executives (SCORE) |
| Free counseling services provided by student teams at many colleges. | Small Business Institute (SBI) |
| The Department of Commerce provides social and economic statistics for businesses as well as research and support for scientific, engineering, and technological development. | United States Department of Commerce |
| The FTC ensures that business practices in the United States are fair. It constantly monitors all aspects of business including pricing, competition, credit, and export trade. It makes and enforces rules that regulate trade and protect consumers. | Federal Trade Commission (FTC) |
| The IRS issues federal taxpayer identification numbers to businesses, distributes publications that explain tax laws, and assists with tax-related questions. | Internal Revenue Service (IRS) |
| The SBDC is funded by the federal government and state governments. Usually located in colleges and universities, these centers provide counseling and management assistance to small businesses. | Small Business Development Center (SBDC) |
| Each state has a DOD. This agency administers federal community development programs. The DOD provides assistance to small and developing businesses through a Small Business Division and Minority Business Development Division. | Department of Development (DOD) |
| All business owners who employ workers are required to provide insurance that gives employees or their survivors benefits in the event of work-related injuries or deaths. This board works with employers to provide this insurance at reasonable costs. | Workers’ Compensation Board |
| This agency issues permits for businesses involved in the processing, handling, storage, or distribution of food products. It also issues permits for public-interest businesses such as schools, financial institutions, and employment agencies. | The State Department of Agriculture and Consumer Protection Division |
| This agency issues identification numbers to retail businesses that collect and remit sales taxes. It also provides instructions for collecting, reporting, and remitting sales taxes to the state. | The State Sales and Use Tax Division |
| This agency provides businesses with information regarding employer responsibilities in relation to unemployment insurance. | The State Department of Labor |
| This office provides general business information in addition to information and forms used for incorporation. It also provides forms used to register state trademarks and business names. | The Office of the Secretary of State |
| The purpose of these organizations is to stimulate local economic growth. They provide information about the local economy, business trends, and business needs of the community. | Chambers of Commerce |
| These educational institutions offer educational training and research support. | Colleges, universities, and technical schools |
| These offices offer assistance and support when obtaining business licenses. | Licensing and Permit Offices |
| These departments will provide information on local health and safety regulations. | County Health Departments |
| These agencies are good resources for agricultural businesses. | County Extension Services |
Created by:
Jester Nerocker