Corporations chartered in another nation but doing business in a state.
Articles of Incorporation
A written legal agreement that identifies ownership and operating procedures and conditions for the business
A franchise format that requires franchisee to sell products or service in a specific format. (Ex: Burger King and Firestone Tires)
A business formed to market products produced by members or to purchase products needed by the members. It is owned by members, serves their needs, and is managed in their interest
A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders, and managed by the board of directors. It is an entity with the legal authority to act as a single person.
Corporations chartered in a specific state.
This partner plays no role and is not known to the public.
Corporations chartered in one state but doing business in another state.
A written contract granting permission to operate a business to sell products and services in a prescribed way
This partner plays an active role and has unlimited liability (every partnership must have at least one general partner).
A specific statement of results the business expects to achieve
A unique business organized by 2 or more other businesses to operate for a limited time and for a specific project.
Limited Liability Company (LLC)
Provides limited liability protection for owners and simpler set of organizing and operating requirements than a corporation
Partners who participate as investors and have limited liability
Limited Liability Partnership (LLP)
Identifies some investors who cannot lose more than the amount of their investment
These corporations are free from corporate income taxes and work well in groups such as from artists and musicians to people active in education, health, and community services
A business owned and controlled by two or more people who have entered into a written agreement
A written agreement among all owners that specifies the rules and procedures that guide ownership and operations of the partnership.
Corporations established by individuals for business or charitable purposes.
A franchise format that allows franchisee to sell specific products. This format is usually formed by automobile, appliance, and petroleum product. (Ex: Fred Anderson Toyota and Jeffrey's Appliance store)
Corporations established for governmental purposes.
This partner plays an active role but is secret from society.
This partner does not have an active role but is known to the public.
Business owned and controlled by just one person
Subchapter "S" Corporation
A corporation that has made this election for federal income tax purposes. It is treated as a partnership for tax purposes. Owners are taxed like partners
Type of liability in which you can lose all your assets