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Chapter 3 / Business Organizations

Sole Proprietorship
a business owned by one person
Unlimited Liability
business owner is fully responsibloe for all debts and losses
Limited Life
when the owner dies, quits or sells, the business ceases to exist
Partnership
a business owned by two or more people
General Partnership
all partners are responsible for the management and financial obligations of the company
Limited Partnership
One partner is not active in the daily running of the business althougth they may have invested money in the company
Article of Partnership
a legal document drawn up to specify arrangements between partners
Limited Liability
the investors responsibility for the debts of the busiess is limited to the size of their investment
Corporation
a form of business recognized by law as a seperate legal entity
Charter
a government document that gives permission to create a corporation
Stock
shows ownership of a corporation
Dividend
a check that represents corporate earnings when the corporation makes a profit
Common Stock
basic ownership of a corporation, one vote per share when voting on board of directors
Preferred Stock
non-voting, recieve dividend checks before common stock holders do
Unlimited LIfe
business continues even when ownership changes
Merger
a combination of two or more business firms
Horizontal Merger
two or more businesses that produce the same kind of product merge
Vertical Merger
firms involved in different steps of manufacturing come together
Conglomerate
a firm that has at least four or more businesses making unrelated products
Nonprofit Organizations
run like a business without financial gain for its members
Cooperative
a nonprofit voluntary association formed to carry on some kind of economic activity that will benefit its members
Consumer Cooperative
voluntary association that buys bulk amounts of goods, such as food, for its members
multinational
corporation that has manufacturing or service operations in a number of different countries
Service Cooperative
deals with service rather than goods such a insurance or credit unions
Producer Cooperative
helps members sell their products
Labor Unions
organization formed to work for its members interests, such as better working conditions and/or benefits
Professional Association
group of specialized people that improve working conditions and skill levels

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