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unit 03 vocabulary

QuestionAnswer
C-corporation The most common form of corporation. It protects the entrepreneur from being personally sued for the actions and debts of the corporation.
Corporation: A business that is chartered by a state and legally operates apart from its owners.
Franchise: A legal agreement that gives an individual the right to market a company’s products or services in a particular area.
Franchisee: A person who purchases a franchise agreement
Franchisor: The person or company who sells a franchise.
General partnership: A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business.
Initial franchise fee: The fee the franchise owner pays in return for the right to run the business.
Joint venture: A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time.
Limited liability: The owners of a business are liable only up to the amount of their investment in the business.
Limited Liability Company (LLC): A new form of business ownership that provides tax advantages and limited liability.
Limited partnership: A partnership in which the partners’ liability is limited to their investment.
Nonprofit corporation: Legal entities that make money for reasons other than the owner’s profit.
Partnership: A form of business ownership in which two or more people share the assets, liabilities, and profits.
Public goods: Goods from which everyone receives benefits.
Sole proprietorship: A business owned and operated by one person.
Strategic alliance: A partnership in which two businesses work together for mutual benefit.
Subchapter S corporation : A corporation that is taxed as a sole proprietorship or partnership
Unlimited liability: The debts of the business must be paid from the personal assets of the owner.
Created by: bartlovesannah
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