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2nd

Sarah Smalley

2nd

Business Ownership

individual or groups that own a business and its legal entites

Legal Entity

law which allows a group of people to conduct business as a single unit, for example a group ownership

Sole Proprietorship

business owned and operated by one individual

Partnership

legal agreement between two or more people to be responsible for a business

General Partnership

partners share equal liability in the profits and losses of the business

Limited Partnership

partners have an unequal share and liability in the business; they are responsible only for the amount they invested

Corporation

separate legal entity which forms a board to act as governing bodies

Separate Legal Entity

business which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members

Franchise

the right or license to sell a company's product or service at a designated location

Franchisor

a business that leases its trade name and operating systems to another person

Franchisee

person or persons who pay fees to a company to operate a business under the franchisor's trade name

Capital

wealth in the form of money or property; used in a business by a person, partnership or corporation

Mentor

someone who has business experience and will aid in guiding your company to success

Microlending

loans which are in small amounts

Investors

groups of individuals who invest their money in various types of companies in search of making a profit

Debt Capital

money borrowed from a business or investor that must be repaid over time with interest

Secured

guaranteed by collateral; items pledged making sure debt is repaid

Equity Capital

money rasied by a business or investor in exchange for a share of ownership of the company

Angel Investors

wealthy individuals who seek high returns through private investments

Financial Cushion

money in savings which can pay expenses when income may not be accumulating

Loans

amounts of money borrowed which will accumulate interest

Domain Names

unique names which identify internet sites and businesses

Patents

the grants of intellectual property rights to the inventor

Trademarks

words, symbols, names or devices used to secify goods and to differentiate them from others

Copyrights

protections provided to authors of original work

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