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