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Business Partnership

Entrepreneurship

TermDefinition
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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