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Economics Basic Vocabularies
Economics Basic Vocabularies
10
Economics
Undergraduate 1
01/19/2016

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Term
Limited Liability
Definition
Companies that share responsibilities and debts.
Term
Unlimited Liability
Definition
One person is responsible for all the responsibilities and debts.
Term
Limited Life
Definition
A company ends with the death of the sole proprietorship or a partner.
Term
Unlimited Life
Definition
A company operates forever until it is formally dissolved.
Term
General Partnership
Definition
Unincorporated business with two or more co-owners.
Term
Sole Proprietorship
Definition
An unincorporated business with one owner who pays personal income tax on profits from the business.
Term
Limited Partner
Definition
enjoy rights to the partnership's cash flow, but are not liable for company obligations.
Term
Non-Profit Organization
Definition
An incorporated organization which exists for educational or charitable reasons.
Term
Franchisor
Definition
The company that allows an individual (known as the franchisee) to run a location of their business.
Term
Franchisee
Definition
One that has been granted the right by a corporation to sell its product or service within a particular area.
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