Term
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Definition
| a business owned, and usually managed, by one person |
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Term
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Definition
| an organization where two or more people legally agree to become co-owners |
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Term
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Definition
| a legal entity with authority to act and have liability apart from its owners |
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Term
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Definition
| any debts or damages incurred by the business are your debts and you must pay them, even if it means selling your home, your car, or whatever else you own |
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Term
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Definition
| an arrangement in which all owners share in operating the business and in assuming liability for the business's debts |
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Term
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Definition
| an arrangement in which there are one or more general partners and one or more limited partners |
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Term
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Definition
| an owner (partner) who has unlimited liability and is active in managing the firm |
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Term
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Definition
| an owner who invests money in the business but does not have any management responsibility or liability for losses beyond his or her investment |
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Term
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Definition
| when the limited partners' liabilty for the debts of the business is limited to the amount they put into the company; their personal assets are not at risk |
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Term
| master limited partnership (MLP) |
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Definition
| a form of partnership which looks much like a corporation in that it acts like a corporation and is traded on the stock exchanges like a corporation, but it is taxed like a partnership and thus avoids the corporate income tax |
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Term
| limited liability partnership |
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Definition
| a form of partnership that limits partners' risk of losing their personal assets the the outcomes of only their own acts and omissions and those of people under their supervision |
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Term
| conventional (C) corporation |
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Definition
| a state-chartered legal entity with authority to act and have liability separate from its owners- its stockholders |
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Term
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Definition
| a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships |
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Term
| limited liability company (LLC) |
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Definition
| similar to an S corporation but without the special eligibility requirements |
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Term
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Definition
| the result of two firms joining to form one company |
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Term
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Definition
| one company's purchase of the property and obligations of another company |
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Term
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Definition
| the joining of two firms operating in different stages of related businesses |
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Definition
| the joining of two firms in the same industry, allowing them to diversify of expand their products |
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Term
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Definition
| the uniting of firms in completely unrelated industries in order to diversify business operations and investments |
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Term
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Definition
| an attempt by employees, management, or a group of investors to but you the stockholders in a company, primarily by borrowing the necessary funds |
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Term
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Definition
| an arrangement whereby someone with a good idea for a business (the franchisor) sells the rights to use the business nae and sell a product or service (the franchise) to others (the franchisees) in a given territory |
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Term
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Definition
| something owned and controlled by the people who use it, producers, consumers, or workers with similar needs who pool their resources for mutual gain |
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