Business Partnership Word Scramble
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Term | Definition |
Entrepreneurship | the process of starting and operating your own business |
Entrepreneurs | people who create, launch, organize, and manage a new business and take the risk of business ownership |
Franchise | a legal agreement to sell a parent company's product services in a designated geographic area |
Sole Proprietorship | a business that owned and operated by one business |
Unlimited Liability | the owner's financial liability is not limited to investments in the business |
Partnership | a legal agreement between two or more people to be jointly responsible for the success or failure of a business |
General Partnership | each partner shares in the profits and losses |
Limited Partnership | each limited partner is liable for any debts only up to the amount of his or her investment in company |
Limited Liability | means that the personal assets of the owners cannot be taken if the company does not meet its financial obligations or if it gets into legal trouble |
Corporation | a legal entity created by either a state or a federal statue, authorizing individuals to operate an enterprise |
Stockholders | the owners of a corporation and have limited liability |
Foreign Corporation | one that is incorporated under the laws of a state that differs from the one in which it does business |
Limited Liability Company (LLC) | a relatively new form of business organization that is a hybrid of a partnership and a corporation |
DBA (Doing Business As) | the registration by which the county government officially recognizes that a new proprietorship or partnership exists |
Articles of Incorporation | identify the names and address of a new corporation, its purpose, and the names of the initial directors |
Created by:
rymeer
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