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STC BusinessNow CH3
| Term | Definition |
|---|---|
| Angel investors: | People (usually wealthy) who invest their own funds in a business in exchange for a stake in the company. |
| Board of Directors: | The group ultimately responsible for the decisions of a business. |
| Business plan: | A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s). |
| Cannibalization: | A situation in which a new franchise takes away customers from an existing franchise nearby. |
| Chain store: | A business location that is one of many stores, all of which have central management (meaning all stores are run by the same people) and share a brand name. |
| Company store: | A store owned and operated by a chain. |
| Conventional (C) corporation: | A form of business ownership that provides limited liability. |
| Corporate Governance: | The processes, customs policies, laws, and institutions that affect how a corporation is directed, administered, or controlled. |
| Dividends: | Part of a firm’s profits that may be distributed to stockholders as cash payments or additional shares of stock. |
| Double Taxation: | Occurs when the owners of a corporation are taxed twice, once when the corporation is taxed and then again when the dividends are taxed. |
| Entrepreneurship: | Accepting the risk of starting and running a business. |
| Franchisee: | A person who buys a franchise. |
| Franchisor: | A person or entity that owns the rights to a franchise. |
| General Partner: | An owner (partner) who has unlimited liability and is active in managing the firm. |
| General partnership: | A partnership in which all owners share in operating the business and in assuming liability for the business’s debts. |
| Limited liability partnership (LLP): | LLPs limit partner’s risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of the people under their supervision. |
| Limited liability: | Means limited partners are not responsible for the debts of the business beyond the amount of their investment, their liability is limited to the amount they put into the company; their personal assets are not at risk. |
| Limited partner: | An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment. |
| Limited partnership: | A partnership with one or more general partners and one or more limited partners. |
| Market: | People with unsatisfied needs and wants who have both the resources and the willingness to buy. |
| Master limited partnership (MLP): | Structured much like a corporation in that it acts like a corporation and is traded on a stock exchange like a corporation, but taxed like a partnership and thus avoids the corporate income tax. |
| Mentor: | An adviser experienced in a particular job or type of business who acts as a guide for someone entering a field. |
| Partnership: | A legal form of business with two or more owners. |
| S corporation: | A legal form of corporation for which the biggest advantage is its tax status, which is the same as a sole proprietorship. |
| Small business administration (SBA): | A U.S. government agency that advises and assists small businesses by providing management training, and financial, advice and loans. |
| Sole proprietor: | A business that is owned and typically managed by one person. |
| Sole proprietorship: | A business operated by a sole proprietor. |
| Unlimited liability: | The responsibility of business owners for all the debts of the business. |
| Venture capitalists: | People or companies that invest money in businesses in return for a stake in them. |
Created by:
vjambriz
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