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Definition
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Term
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Definition
| Owner; owners participate in day-to-day operations |
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Term
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Definition
1) Begin by buyin & selling goods/services
2) May vary by state |
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Term
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Definition
| Easy to form; complete control of business; get all profits; one taxation; personal assets |
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Definition
| Limited capital, unlimited liability, limited lifetime, predators may go after person assets |
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Term
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Definition
| Employment, accidents & injuries on promises, company vehicle-related, product-related, errors & omissions |
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Term
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Definition
| Decision or life of owner |
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Term
| Sole Source of investment |
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Definition
| Personal, gifts, borrowed, others may vary |
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Term
| Sole: examples of business ownership |
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Definition
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Term
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Definition
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Term
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Definition
| determined by partnership, may be 1 or more of the partners |
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Term
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Definition
| with a partnership, varies by state |
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Term
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Definition
| easy to form, more capital & credit than a sole prop, work shared, loss shared |
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Term
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Definition
| profits shared, decisions made together, unlimited liability, limited lifetime, and difficult to add partners |
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Term
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Definition
| Employment, accidents & injuries on promises, company vehicle-related, product-related, errors & omissions |
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Term
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Definition
| actions of partners, bankruptcy, death, and/or court order |
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Term
| partnership source of investment |
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Definition
| Personals of partners, gifts, borrowed, others may vary |
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Term
| partnership: examples of business ownership |
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Definition
South Railroad: Limited partnership
Eden: Limited partnership |
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Term
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Definition
| 1 or more shareholders who have 1 vote per share |
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Term
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Definition
| managers, board of directors, or shareholders |
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Term
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Definition
| filing of an article of incorporation w/ state gov. |
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Term
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Definition
| Capital easy to get, limited liability for shareholders, unlimited lifetime, can invest w/out managing daily operations, and decision making shared |
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Term
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Definition
| semi-annual taxation, gov. regulations, difficult to form, operations controlled by shareholders & board of directions |
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Term
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Definition
| Employment, accidents & injuries on promises, company vehicle-related, product-related, errors & omissions + directors and officers |
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Term
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Definition
| May have unlimited lifetime; or determined by charter or article of dissolution |
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Term
| Corp. source of investment |
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Definition
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Term
| Corp: examples of business ownership |
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Definition
Bank Of America Corp.
Lowe's |
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