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BUS 101 chapter 4 and 5

sole proprietorship
a business that is owned ( and usually operated) by one person.
unlimited liability
a legal concept that holds a business owner personally responsible for all debts of the business
A voluntary association of two or more persons to act as co-owners of a business for profit.
General partner
is a person who assumes full or shared responsibility for operating a business and assumes unlimited liability for all business debts.
Limited partner
a person who invest money in a business but who has no management responsibility or liability for losses beyond his or her investment in the partnership
Articles of partnership
an agreement listing and explaining the terms of the partnership
An artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into contractors,
the shares of ownership of a corporation
a person who owns a corporation’s stock
limited liability
a feature of corporate ownership that limits each owners financial liability to the amount of money that he or she has paid for the corporation’s stock
not-for-profit corporation
corporations organized to provide social,educational, religious,or other services, rather than to earn a profit.
the purchase of one corporation by another; essentially the same as an acquisition.
Small business
A business that is independently owned and operated for profit and is not dominant in its field.
Business plan
carefully constructed guide for the person starting a business
Venture capital
money invested in small firms that have the potential to become very successful
a license to operate an individually owned business as though it were part of a chain of outlets or stores.

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