Term
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Definition
| Two or more people egally agree to become co-owners of a business |
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Term
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Definition
| -- A business owned, and usually managed, by one person |
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Term
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Definition
| A legal entity with authority to act and have liability apart from its owners |
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Term
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Definition
| -- Any debts or damages incurred by the business are your debts, even if it means selling your home, car or anything else |
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Term
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Definition
| -- All owners share in operating the business and in assuming liability for the business’s debts. |
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Term
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Definition
| -- A partnership with one or more general partners and one or more limited partners. |
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Term
•Master Limited Partnership
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Definition
| -- A partnership that looks much like a corporation but is taxed like a partnership and thus avoids the corporate income tax. |
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Term
•Limited Liability Partnership
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Definition
| -- Limits partners’ risk of losing their personal assets to the outcomes of only their own acts and omissions and those of people under their supervision. |
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Term
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Definition
| -- An owner (partner) who has unlimited liability and is active in managing the firm. |
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Term
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Definition
| -- An owner who invests money in the business but enjoys limited liability. |
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Term
| Conventional (C) Corporation |
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Definition
| -- A state-chartered legal entity with authority to act and have liability separate from its owners (its stockholders |
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Term
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Definition
| -- A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships. |
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Term
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Definition
| -- The result of two firms joining to form one company. |
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Term
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Definition
| -- One company’s purchase of the property and obligations of another company. |
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Term
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Definition
| -- Joins two firms in different stages of related business. |
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Term
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Definition
| -- Joins two firms in the same industry and allows them to diversify or expand their products. |
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Term
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Definition
| -- Unites firms in completely unrelated industries in order to diversify business operations and investments. |
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Term
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Definition
| -- An attempt by employees, management or a group of investors to buy out the stockholders in a company. |
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Term
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Definition
| -- An arrangement whereby someone with a good idea for a business (franchisor) sells the rights to use the business name and sell a product or service (franchise) to others (franchisees) in a given territory. |
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Term
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Definition
| -- Businesses owned and controlled by the people who use it – producers, consumers, or workers with similar needs who pool their resources for mutual gain. |
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