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Definition
| process of starting and operating your own business. |
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| people who create, launch, organize, and manage a new business and take the risk of the business ownership. |
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| legal agreement to sell a parent company's product or service in a designated geographic area. |
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| means that the owner's financial liability is not limited to investments in the business. |
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Term
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Definition
| legal agreement between two or more people to be jointly responsible for the success or failure of a business. |
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Definition
| each partner shares in the profits and losses. |
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Definition
| each limited partner is liable for any debts only up to the amount of his or her investment in the company. |
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Definition
| means that the personal assets of the owners cannot be taken if a company does not meet its financial obligations or if it gets into legal trouble. |
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| legal entity created by either a state or a federal statue, authorizing individuals to operate an enterprise. |
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Definition
| owners of a corporation and have limited liability. |
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Definition
| corporation that is incorporated under the laws of a state that differs from the one in which it does business. |
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| Limited Liability company |
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Definition
| a relatively new form of business organization that is a hybrid of a partnership and a corporation. |
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Term
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Definition
| registration by which the county government officially recognizes that a new proprietorship or partnership exists. |
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Term
| Articles of Incorporation |
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Definition
| identifies the name and address of a new corporation, its purpose, and the names of the initial directors. |
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Definition
| a place that has businesses, houses, and people. |
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