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Entrep. Chapter 3
Terms in this set (29)
Corporation that is taxed as an entity by the federal government
Business owned, controlled, and operated for the mutual benefit of its members-people who use its services, buy its goods, or are employed by it.
Legally defined type of business ownership in which the business is considered a "person" ("entity") under the law, and limited liability is granted to the business owner(s).
Payment corporations make to their shareholders, being a portion of the corporation's profit.
Business arrangement in which an established company sells the right for others to use the company's name and operating plan to sell products or services.
Partnership in which all partners have unlimited liability.
Set up a corporation in accordance with the laws of the particular state where the business is located.
Legal obligation of a business owner to use personal money and possessions to pay the debts of the business.
Business owner cannot be legally forced to use personal money and possessions to pay business debt.
Limited liability company
Legally defined type of business ownership similar to a C corporation but with simpler operating requirements and tax procedures, and greater liability protection for the business owners
Partnership in which at least one partner has limited liability of the debts of the business.
Business that converts materials into goods suitable for use and sells those goods to others. Also referred to as a manufacturing business.
Business that converts materials into goods suitable for use and sells those goods to others. Also referred to as a manufacturer.
North American Industry Classification System (NAICS)
Classification system that assigns a numerical code to every industry in N. America based on its primary business function.
Legally defined type of business organization in which at least two individuals share the management, profit, and liability.
Legal document that clearly defines how the work, responsibilities, rewards, and liabilities of a partnership will be shared by the partners.
Special permit, required by most states, that retailers must have to purchase goods tax-free from wholesalers and collect sales tax from end buyers.
Business that buys goods, often from wholesalers, and resells the goods in small quantities directly to consumers. Also referred to as a retailing business.
Business that buys goods, often from wholesalers, and resells the goods in small quantities directly to consumers. Also referred to as a retailer.
Business that provides and sells services to customers for a fee.
Share of stock
Unit of ownership in a corporation.
Owners of a corporation. Also referred to as stockholders.
Legally defined type of business ownership in which a single individual owns the business, collects all profit from it, and has unlimited liability for its debt.
Owners of a corporation. Also referred to as shareholders.
Subchapter S corporation
Corporation that differs from a C corporation in how it is taxed. Its income or loss is applied to each shareholder and appears on their tax return.
Term used to refer to a wholesale business or a retail business.
Business owner can be legally forced to use personal money and possessions to pay the debts of the business.
Business that buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers. Also referred to as a wholesaling business.
Business that buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers. Also referred to as a wholesaler.
THIS SET IS OFTEN IN FOLDERS WITH...
Entrep. Chapters 8 & 9
Entrep. Chapter 10
Entrep. Chapter 11
Entrep. Chapter 12
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