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Econ Chapter 8

person who organizes, manages, and assumes the risks of a business in order to gain profits
a beginning business enterprise
small business incubator
private or government funded agency that assists new business by providing advice or low rent buildings and supplies
extra supply of items used in a business, such as raw materials or goods for sale
income received from the sale of goods and or services; also, slips of paper documenting purchase
sole proprietorship
business owned and operated by one person
owner of a business
unlimited liability
requirement that an owner is personally and fully responsibly for all debts and losses of a business
all items to which a business or household holds legal claim
business that two or more individuals own and operate
limited partnership
special forms of partnership in which one or more partners have unlimited liability but no voice in management
joint venture
partnership set up for a specific purpose just for a short period of time
types of business organization owned by many people but treated by law as though it were one person (own property, pay taxes, etc)
share of ownership in a corporation that entitles the buyer to a certain part of the future profit and assets of the corporation
limited liability
requirement in which an owner’s responsibility for a company’s debts is limited to the size of the owner’s investment in the firm
articles of incorporation
documents listing basic information about a corporation that is filed with the state where the corporation will be headquartered
corporate charter
license to operate granted to a corporation by the state where it is established
common stock
shares of ownership in a corporation that give stock holders voting rights and a portion of the profits (after the preferred stockholders are paid)
portion of a corporation’s profits paid to its stockholders
preferred stock
shares of ownership in a corporation that give a portion of future profits before holders of common stock but no voting rights
contract in which one business sells to another business the right to use the franchise’s name and sell its products

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