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Entrepreneurship
Vocab
15
Marketing
12th Grade
01/07/2016

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Cards

Term
Franchise
Definition
Legal agreement to sell a parent company's product or services in a designated geographic area.
Term
Sole proprietorship
Definition
business that is owned and operated by one person.
Term
Unlimited Liability
Definition
owners financial liability is not limited to investments in the business
Term
Partnership
Definition
legal agreement between two or more people to be jointly responsible for the success or failure of a business
Term
General partnership
Definition
each partner shares in the profits and losses
Term
Limited Partnership
Definition
each limited partner is liable for any debts only up to the amount of his or her investment in the company
Term
Limited Liability
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
Term
Corporation
Definition
legal entity created by either a state or a federal statue, authorizing individuals to operate an enterprise
Term
Stockholders
Definition
owners of a corporation and have limited liability
Term
Foreign corporation
Definition
incorporated under the laws of a state that differs from the one in which it does business
Term
Limited Liability Company
Definition
relatively new form of business organization that is hybrid of a partnership and a corporation
Term
Doing Business As (DBA)
Definition
registration by which the county government officially recognizes that a new proprietorship or partnership exists
Term
Articles of Incorporation
Definition
identify the name and address of a new corporation, its purpose, and the names of the initial directors
Term
Community
Definition
a group of people living in the same place or having a particular characteristic in common.
Term
Vary
Definition
depending on whether the business will be a sole proprietorship, partnership, a corporation, or a limited liability
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