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Definition
| A business owned and operated by one person. This is the oldest, simplest, and most common type of business organization. |
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| Specify the areas of a city or county where various types of business activities can be pursued. |
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| Responsibility for all debts. |
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| Anything of value that a borrower agrees to give up if he or she is not able to repay a loan. |
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| The length of a firm's life, or the amount of time the business operates. |
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| A business that is owned and controlled by two or more people. |
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Definition
| Partners enjoy equal decision-making authority. |
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Definition
| Partners join as investors who provide financial capital in exchange for a share of the profits. |
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Definition
| Legally distinct from their owners and are treated as if they were individuals. |
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Term
| Articles of Incorporation |
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Definition
| Apply for a state license. |
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| The corporation's key decision making body. This can be made up of people from inside or outside the company. |
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Definition
| Represents ownership of the firm. |
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Definition
| Ownership is issued in portions |
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Definition
| The profits paid to you as a shareholder. |
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Definition
| Provides shareholders with a voice in how the company is run and a share in any potential dividends. |
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Definition
| Provides guaranteed dividends-paid before any received by holders of common stock-but does not grant shareholders a voice in running the corporation. |
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Definition
| A certificate issued by a corporation in exchange for money borrowed from an investor. |
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Definition
| The actual amount of money that was borrowed. |
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Definition
| The amount of money that the borrower must par for the use of those funds. |
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Definition
| Occurs when one company joins with or absorbs another. |
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Definition
| A merger between two or more companies producing the same good or service. |
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| A merger between two or more companies involved in different production phases of the same good or service. |
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Definition
| A merger of companies producing unrelated products. |
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Definition
| An enterprise that uses the original company's name to sell goods and services. |
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Definition
| Businesses that are owned collectively by their members. |
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Definition
| Works in a businesslike way to provide goods and services while pursuing other goals. |
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