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Entrepreneurship
Vocab
16
Marketing
12th Grade
01/07/2016

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Term
Entrepreneurship
Definition
process of starting and operating your own business.
Term
Entrepreneurs
Definition
people who create, launch, organize, and manage a new business and take the risk of the business ownership.
Term
Franchise
Definition
legal agreement to sell a parent company's product or service in a designated geographic area.
Term
Unlimited liability
Definition
means that the owner's 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 corporations
Definition
corporation that is incorporated under the laws of a state that differs from the one in which it does business.
Term
Limited Liability company
Definition
a relatively new form of business organization that is a hybrid of a partnership and a corporation.
Term
DBA (Doing Business As)
Definition
registration by which the county government officially recognizes that a new proprietorship or partnership exists.
Term
Articles of Incorporation
Definition
identifies the name and address of a new corporation, its purpose, and the names of the initial directors.
Term
Community
Definition
a place that has businesses, houses, and people.
Term
Vary
Definition
if something differs
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