Business Organization Chapter 8

Created by sblackmon Teacher

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

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