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S.B. unit 03
unit 03 vocab
| Question | Answer |
|---|---|
| C-corporation | The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation |
| Corporation | A business that is charted by a state and legally operates apart from its owners |
| Franchise | A legal agreement that gives an individual the right to market a company's products or services in a particular area |
| Franchisee | A person who purchases a franchise agreement |
| Franchisor | The person or company who sells a franchise |
| General partnership | A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business |
| Initial franchise fee | The fee the franchise owner pays in return for the right to run the business |
| Joint venture | A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time |
| Limited liability | The owners of a business are liable only up to the amount of their investment in the business |
| 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 |
| Nonprofit corporation | Legal entitles that make money for reasons other than the owner's profit |
| Partnership | A form of business ownership in which two or more people share the assets, liabilities, and profits |
| Public goods | Goods from which everyone recieves benefits |
| Sole proprietorship | A business owned and operated by one person |
| Strategic alliance | A partnership in which two businesses work together for mutual benefit |
| Subchapter S corporation | A corporation that is taxed as a sole proprietorship or partnership |
| Unlimited liability | The debts of the business must be paid from the personal assets of the owner |
| Federal Resources | |
| Small Business Administration (SBA) | The SBA promotes small business development, helps businesses secure government contracts, and provides assisstence and advice on how small businesses can increase revenues and profits |
| Service Corps of Retired Executives (SCORE) | A volunteer organization in which retired business executives share their business experience with small business owners |
| Small Business Institute (SBI) | Free counseling services provided by student teams at many colleges |
| United States Department of Commerence | The Department of Commerence provides social & economic statistics for businesses as well as research & support for scientific, engineering, & technological development. |
| It also issues patents & trademarks, provides assistance to promote economic development, and encourages minority-run businesses | |
| Federal Trade Commission (FTC) | 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 |
| Internal Revenue Service (IRS) | The IRS issues federal taxpayer identification numbers to businesses, distributes publications that explain tax laws, and assists with tax-related questions |
| Small Business Development Center (SBDC) | The SBDC us funded by the federal government and state governments. Usually located in colleges and universities, these centers provide counseling and management assistance to small businesses |
| State Resources | |
| Department of Development (DOD) | 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 Miniority Business Development Division |
| Workers' Compensation Board | 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 |
| The State Department of Agriculture and Consumer Protection Division | 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 day care centers, schools, financial institutions, & employment agency |
| The State Sales and Use Tax Division | This agency issues identification numbers to retail businesses that collect and remit sales taxes. I also provides instructions for collecting, reporting, and remitting sales taxes to the state |
| The State Department of Labor | This agency provides businesses with information regarding employer responsilibities in relation to unemployment insurance |
| The Office of the Secretory of State | The 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 |
| Local and Community Resources | |
| Chambers of Commerce | 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 |
| Colleges, universities, and technical schools | These educational instutitions offer educational training and research support |
| Licensing and Permit Offices | These offices offer assistence and support when obtaining business licenses |
| County Health Departments | These departments will provide information on local health and safety regulations |
| County Extension Services | These agencies are good resources for agricultural businesses |
Created by:
375princess
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