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sole proprietorship

A business owned by one person

net income

The difference between money taken in and payments for expenses.

unlimited liability

The owner's personal assets can be used to pay for any debts of the business.


a business that is owned by two or more people, but is not incorporated.


a business that operates as a legal entity seperate from any of the owners.

stock certificate

a document that represents ownership in a corporation.


The owners of a corporation.


a share of company profits.

limited liability

means that stockholders are only responsible for the debts of the corporation up to the amount they invested.


the document granted by the state or federal government that allows a company to form a corporation.

municipal corporation

an incorporated town or city organized to provide services for citizens rather than to make profit.

nonprofit corporation

created to provide a service and are not concerned with making a profit.


a business owned by its members and operated for their benefit.

multinational corporation (MNC)

an organization that conducts business in several countries.

Indirect Exporting

When a company sells its products in a foreign market without any special activity for that purpose.

Direct Exporting

When a company actively seeks and conducts exporting.

Management Contract

a situation in which a company sells only its management skills.


Selling the right to use some intangible property (production process, trademark, or brand name) for a fee or royalty.


the right to use a company name or business process in a specific way.

joint venture

an agreement between two or more companies from different countries to share business project.

Foreign Direct Investment (FDI)

When a company buys land or other resources in another country.

Wholly-owned subsidiary

An independent company owned by a parent company.

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