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| a legal agreement to sell a parent company's product or services in a designated geographic area. |
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| is a business that is owned and operated by one person. This is the most common form of business ownership. |
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| The owner of a sole proprietorship has unlimited liability,which means that the owner's financial liability is not limited to investments in the business. |
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| is a legal agreement between two or more people to be jointly responsible for the success or failure of a business. Partnership represent about ten percent of U.S. businesses. |
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| each partner shares in the profits and losses. As in the sole proprietorship, partners have shared unlimited liability for the company's debts. Also, each partner's share of the business profits taxed as personal income. |
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| 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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| means that the personal assets of the owners cannot be taken if a company does not meet its financial obligations or if gets into legal trouble. The withdrawal of a limited partner does not dissolve the partnership. |
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| is a legal entity created by either a state or a federal statue, authorizing individuals to operate an enterprise. |
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Definition
| are the owners of a corporation and have limited liability. The ownership of a corporation is divided into shares of stocks. |
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Definition
| is one that is incorporated under the laws of a state that differs from one in which it does business. |
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| limited liability corporation(LLC) |
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Definition
| is a relatively new form of business organization that is a hybrid of a partnership and a corporation. |
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| is the registration by which the county government officially recognizes that a new proprietorship or partnership exists. |
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| 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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Definition
| The reputation of the business in the community must be considered. In some cases, the new owner may contract the services of the previous owner to assist with management during a transition period. |
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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 company. |
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