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Global Business Concepts Chapter 6

the three basic forms of business ownership in the United States has been …
Sole proprietorships, partnerships, and corporations
A ______ maintains limited liability but offs more flexibility in terms of tax treatment than other forms of business ownership
limited liability company
sole proprietorships make up over _____ of all businesses.
71.6%
Sole proprietors have ____ for the debts of their companies
personal ownership
A _______ is is voluntary agreement between two or more people to jointly own a business
partnership
The most effective way to form a general partnership is to…
get everything in writing and to seek expert legal assistance when drawing up an agreement
Compared to a sole proprietorship, an advantage of a general partnership is that is is
has a stronger financial base
Limited partners
includes at least one general partner who actively manages the company and accepts unlimited liability
_________ are organizations, such as mutual funds, insurance companies, or pension funds, that pool contributions from a large number of investors, clients, or depositors to buy stock and other securities.
institutional investors
Stockholders in a corporation elect the _____ to oversee the operation of the company and ensure that their interests are protected.
board of directors
An _____ occurs when one firm buys another firm.
acquisition
In an acquisition, the firm being purchased is the _______ and the firm which is purchasing the other firm is the _________.
“target firm”

” acquiring firm.”

A _______ merger is the combination of firms in the same industry.
horizontal merger
______ is the contractual relationship in which an established firm supplies another business with unique resources in exchange for payment and other considerations.
franchise

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