| Term | Definition |
|---|
| Corporation | A legal entity with an existence that is distinct from the people who organize, own, and run it |
| Articles of Incorporation | A written application to the state seeking permission to form a corporation |
| Private Corporation | Ownership limited to just a few people, sometimes only family members; shares are not publicly traded |
| Publicly Traded Corporation | Owned by many shareholders; shares can be bought or sold |
| Limited Liability Company (LLC) | Businesses with limited liability for some owners, single taxation, and no ownership restrictions |
| Limited Liability Partnership (LLP) | Like a limited liability company but more easily converted from an existing partnership |
| S Corporation | Organization that offers limited liability combined with the single taxation of business income; must have no more than 75 stockholders with no foreign stockholders |
| Cooperative | An organization consisting of people who pool their resources to buy and sell more efficiently than they could independently |
| Not For Profit Organization | Groups that do not pursue profit as a goal; they engage in charitable, educational, humanitarian, cultural, professional, or other activities, often with a social purpose |
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