Business Organization Chapter 8
Order by
23 terms
Terms | Definitions |
|---|---|
 sole proprietorship | a business owned and managed by a single individual |
| business organization | the ownership structure of a company or firm |
| business license | authorization to operate a business issued by a local government |
| zoning laws | laws in a city or town that designate certain areas, or zones, for residencial and business use |
| liability | the legal obligation to pay debts |
| fringe benefits | payments to employees other than wages or salary |
| general partnership | a type of partnership in which all partners share equally in both responsibility and liability |
| partnership | a business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
| limited partnership | a type of partnership in which only one partner is required to be a general partner |
| LLP (Limited Liability Partnership) | a type of partnership in which all partners are limited partners (abbreviation) |
| assets | the money and other valuables belonging to an individual or business |
| business franchise | a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| corporation | a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm's debts |
| stock | a certificate of ownership in a corporation |
| closely held corporation | a type of corporation that issues stock to only a few people, who are often family members |
| publicly held corporation | a type of corporation that sells stock on the open market |
| bond | a formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
| certificate of incorporation | a license to form a corporation issued by a state government |
| dividend | the portion of coporate profits paid to stockholders |
| LLC | a type of business with limited liability for the owners with the advantage of not paying corporate income tax (abbreviation) |
| conglomerate | a business combination merging more than three businesses that produce unrelated products or services |
| multinational corporation | a large corporation that produces and sells its goods and services in more than one country |
| nonprofit organization | an institution that functions much like a business, but does not operate for the purpose of generating profit |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.
Set Champions
Scatter Champion
22.7 secs by mynameiscaleb
Speller Champion
92.1% correct by blairbearforever