| Term | Definition |
|---|
| Sole Proprietorship | One person running the business |
| Partnership | Two or more people running the business |
| Unlimited/ General Partner | Has complete liability |
| Limited Partner | Has limited liability based on their stake (Loose only investment) |
| C-Corporations (Conventional) | Legal entity that acts and has liability, seperate from its owners |
| S-Corporations | Looks like a "C-corporation" taxed like a Partnership (personal income of owners) |
| Limited Liability Corporation (LLC) | Looks like a C-corporation and taxed as a personal income (Personal asset cannot be taken if bankrupt) |
| Franchise | Accounts for 10% of Gross Domestic profits (Sell rights to use/ sell a product/service) |
| Autocratic | Making decisions without consulting anyone |
| Participative/Democratic | Managers and workers cooperating as a team |
| Free-rein (laissez-faire) | Lots of leeway to workers to meet goals |
| Span of control | Optimum of direct reports Ex. Distance, training and skills of employees... |
| Matrix Organizaton | Network or a web. (More flexible relationships, project work for a specific purpose...) |
Combine with other sets
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