Term
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Definition
| a business that is owned and usually managed, by one person |
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Term
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Definition
| a legal form of business with two or more owners |
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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
| the responsibility of business owners for all of the debts of the business |
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Term
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Definition
| a partnership in which 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
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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 does not have any management responsibility or liability for losses beyond the investment |
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Term
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Definition
| The responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders have limited liability |
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Term
| Master Limited Partnership (MLP) |
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Definition
| a partnership that looks much like a corporation (in that it acts like a corporation and is traded on a stock exchange) 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
| a partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision |
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Term
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Definition
| A state-chartered legal entity with authority to act and have liability separate from its owners |
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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
| Limited Liability Company |
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Definition
| a company similar to an S corporation but without the special eligibility requirements |
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Term
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Definition
| the result of two firms forming 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
| the joining of two companies involved in different stages of related businesses |
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Term
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Definition
| the joining of two firms in the same industry |
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Term
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Definition
| the joining of firms in completely unrelated industries |
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Term
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Definition
| an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing |
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Term
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Definition
| an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory |
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Term
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Definition
| a company that develops a product concept and sells others the rights to make and sell the products |
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Term
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Definition
| the right to use a specific business's name and sell its products or services in a given territory |
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Term
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Definition
| a person who buys a franchise |
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Term
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Definition
| a business 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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