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1st vocab

TERMDEFINITION
entrepreneurs Someone who creates a new business and takes risk of business ownership
franchise A legal agrreement to sell a parents company's product to designated geographic area
sole proprietorship business that is owned and operated by 1 person
unlimited liability investment in which the business owner's finacial liability is not limited to investments in the business but extends to their total ability to make payments
partnership legal agreement between 2 or more people to be jointly responsible for the success or failure of a business
general partnership business ownership in which each partner shares the profits and losses
limited partnership Businesss ownership where each limited partner is liable for any debts only up to the amount of their investment
limited liability investment that mean personal assets of an owner cannot be taken if a company does not meet it obligations
corporation A legal entity created by either a sate or federal statute, authorizing to opertate an enterprise
stockholders owner of a corporaton with limited liability
foreign corporation One that is incorportated under the laws if a sate that differs from the one in which it does business
limited liability company A relativey new form of buisness organization that is a hybrid of a partnership and a corporation
Doing Business As (DBA) The registration by which the county government officially recognizes that a new proprietorship or partnership exists.
Articles of Incorporation Identifies the name and address of a new corporation,its purpose,the names of the initial directors, and the amount of stock that will be issued to each director
entrepreneurship Skills of people who are willing to invest their time and money to run a business
Created by: Marri0203
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