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Definition
| A business that is owned, and usually managed, by one person. |
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Definition
| A legal form of business with two or more owners |
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Definition
| A legal entity with authority to act and have liability apart from its owners. |
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Definition
| The responsibility of business owners for all of the debts of the business |
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Definition
| A partnership in which all owners share in operating the business and in assuming liability for the businesses debts. |
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Definition
| A partnership with one or more general partners and one or more limited partners. |
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| An owner (partner) who has unlimited liability and is active in managing the firm. |
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| 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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Definition
| The responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders (stockholders) have _______. |
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| master limited partnership |
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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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| limited liability partnership (LLP) |
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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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Definition
| A state-chartered legal entity with authority to act and have liability separate from its owners. |
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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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| limited liability company (LLC) |
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Definition
| A company similar to an S corporation but without the special eligibility requirements. |
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Definition
| The result of two firms forming one company. |
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Definition
| One company's purchase of property obligations of another country. |
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Definition
| The joining of two firms in the same industry. |
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Definition
| The joining of two firms in the same industry. |
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Definition
| The joining of firms in completely unrelated industries. |
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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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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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Definition
| A company that develops a product concept and sells others the rights to make and sell the products. |
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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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Definition
| A person who buys a franchise. |
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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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