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2.01 Types of Businesses Ownership

Partnership
Two or more persons to carry on as co-owners of a business for a profit.
Vote
Each stock equals one _______ at the shareholder meeting.
Unlimited
Type of liability in which you can lose all your assets.
Corporation
Entity with the legal authority to act as a single person.
Secret Partner
Partner has an active role, but unknown existence.
Franchise
Grants permission to sells its products and services as a business.
Sole proprietorship
Business owned by one person (two words).
By agreement
Partnership formed after they agree to conditions in a contract (two words).
Nonprofit
Type of corporation that benefits the public and receives a tax break.
LLP
A bbreviation for a partnership with limited liability.
Silent Partner
Partner has no role, but is known to public.
Double
Type of taxation on a corporation.
Limited
Type of liability in which you only lose your initial investment in the company.
Dormant partner
Partner plays no role and is not known to public.
Articles
__________ of incorporation.
Cooperative
Formed by a group to gain bargaining power.
Joint
__________venture is a special project for a limited time.
Business-format franchise
requires franchisee to sell products or service in a specific format. Example: McDonalds
Product-trade franchise
allows franchisee to sell specific products. This format is usually formed by automobile, appliance, and petroleum product. Example: Don Flow Honda
Domestic corporations
chartered in a specific state.
Foreign corporations
chartered in one state but doing business in another state.
Alien corporations
chartered in another nation but doing business in a state.
Public corporations
established for governmental purposes.
Private corporations
established by individuals for business or charitable purposes.
General partner
plays an active role and has unlimited liability (every partnership must have at least one general partner).
Limited Partner
participate as investors and have limited liability.

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