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14 terms

Types of Business and Ownership

STUDY
PLAY
Goods
can be physically weighed or measured
Services
tasks that people or machines perform
Producer
a business that gathers raw products in their natural state
Processor
changes raw materials into more finished products
Manufacturers
businesses that make finished products out of processed goods
Intermediary
business that moves goods from one business to another
wholesaler
distributes goods
retailer
purchases goods from a wholesaler and resells them to the consumer
sole proprietorship
a business owned by only one person
unlimited liability
full responsibility for your company's debts
partnership
a business owned by two or more persons who share the risks and rewards
corporation
a business owned by many people but treated by law as one person
stock
shares of ownership in your corporation
limited liability
if the company looses money then the stockholders lose only what they invested