Sole Proprietorship

A business owned and managed by one person

Liability

the legal responsisbiltiy to repay debts and to pay for damages resulting from a lawsuit

Partnership

a business owned by 2 or more co owners who share profits from the business and are legally responsible for the business's debts

Corporation

a business owned by shareholders who have limited liability for a firm's debts, becuase it is considered a legal entity, a corporation can conduct business affairs in its name

Multi- National Corporation

A corporation that does business in more than one country

Business Franchise

an arrangement in which a parent company or franchiser, distributes its products or services through independently owned outlets.  The outlet owners or franchisees pay for the exclusive right to use the parent company's trade name and sell its products to provide its services

Cooperative

a business organization that is jointly owned and operated by a group of individuals for their mutual benefit

Non Profit Organization

an organization that functions like a business but does not operate to make a profit

Business License/Business Permit

Legal document that allows a business to be conducted in that city or town

Zoning Permit

Designated areas in a city or town for specific business purposes

Limited Liability Company

the business owner's liability is limited to the owner's investment in the company

Venture Capital

money used to invest in new business

Chief Executive Officer

Hishest ranking person in charge of managing a corporation

Trademark

legally registered name or symbol that identifies a firm and its product or services