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THS Marketing Terms

THS Chp 33 Marketing Terms

TermDefinition
entrepreneurship A person who is a risk-taker by setting up a business based on their own talent and expertise.
entrepreneurs A person who organizes, operates, and assumes the risk for a business venture.
franchise a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
sole proprietorship a business owned and controlled by one person who is solely liable for its obligations
unlimited liability The liability of the owner of a business for all the obligations of the business.
partnership a contract between two or more persons who agree to pool talent and money and share profits or losses
general partnership A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.
limited partnership a liability restricted by law or contract, as the liability of owners of shares in a corporation or limited company, or that of a special partner.
corporation A body that is granted a charter recognizing it as a separate legal entity having its own rights, privileges, and liabilities distinct from those of its members.
stockholders One who owns a share or shares of stock in a company.
foreign corporation A firm that conducts business in states or countries other than the state or country in which it is incorporated. For example, a firm incorporated in Canada but conducting business throughout North America is considered a foreign corporation in the United
Articles of Incorporation a legal document that creates a corporation; it is filed with a state by the founders of a corporation and is governed by the laws of the state
Created by: jcarlson
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