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a voluntary agreement under which two or more people act as co-owners of a business for profit


a partnership in which all partners can take an active role in managing the business and have unlimited liability for any claims against the firm

limited liability partnership (LLP)

form of a partnership in which all partners have the right to participate in management and have limited liability for company use

general corporation (C corporation)

most common type of corporation, stockholders take on limited liability

articles of incorporation

document filed with the state government to establish the existence of a new corporation

corporate bylaws

the basic rules governing how a corporation is organized and how it conducts its business

institutional investor

an organization that pools contributions from investors, clients, or depositors and uses these funds to buy stocks and other securities

S corporation

avoids double taxation by having its income taxed as if it were a partnership

statutory close corporation

limited number of owners that files special articles of incorporation allowing it to operate under simpler, less formal rules than a general corporation


a corporation restructuring in which one firm buys another


two businesses combine into one

horizontal merger

merger in the same industry

vertical merger

merger of firms in different stages of the production cycle

conglomerate merger

merger in unrelated industries

limited liability company (LLC)

limited liability of corporation, taxed as a partnership

business format franchise

a broad franchise agreement in which the franchisee pays for the right to use the name, trademark, and business production methods of the franchisor

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