| Term | Definition |
|---|
| business broker | person who sell businesses for a living |
| valuator | an expert on determining the value of a business |
| franchise | legal agreement that gives an individual the right to market a company's products or services in a particular area |
| initial franchise fee | the fee the franchise owner pays in return for the right to run the franchise |
| Start-up costs | the costs associated with beginning a business |
| royalty fees | weekly or monthly payments made by the owner of the franchises to the seller of the franchise |
| advertising fees | fees paid to support television, magazine, or other advertising of the franchise as a whole |
| sole proprietorship | a business owned exclusively by one person |
| partnership | a business owned by two or more people |
| corporation | a business with the legal rights of a person and which may be owned by many people |
| share of stock | unit of ownership in a corporation |
| board of directors | a group of people who met several times a year to make important decisions affecting the company |
| dividends | distributions of profits to shareholders by corporations |
| incorporate | to set up a business as a corporation |
| liability | the amount owed to others |
| s corporation | corporation organized under sub chapter S of the IR Code whose income is taxed on the profits they earn |
Combine with other sets
Share on Facebook
Share on MySpace