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Small Business 3.01
Terms in this set (15)
A business owned and operated by one person.
A form of business ownership in which two or more people share the assets, liabilties, and profits.
A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business.
A partnership in which the partners' liability is limited to the investment.
A partnership in which two companies join to complete a specific project.
A partnership in which two businesses work together for mutal benefit.
A business that is chartered by a state and leagelly operated apart from its owners.
A legal agreement that gives an individual the right to market a company's products or serivces in a particular area.
A person who purchases a franchise agreement.
The person or company who sells a franchise.
Initial Franchise Fee
The fee the franchise owner pays in return for the right to run the business.
The most common form of corporation. / It protects the entrepreneur from being personally sued for actions and debts of the corporation.
Subchapter S corporation
A corporation that is taxed like a sole proprietorship or partnership.
Legal entities that make money for reasons other than the owner's profit.
Limited Liability Company / A new form of business ownership that provides tax advantages and limited liability.
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