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Introduction to Business – Chapter 5

Contingent Worker
one who has no explicit or implicit contract for long term employment
Intermediary
businesses involved in selling the goods and services from producers to consumers and other businesses
Service Business
carries out the activities that are consumed by its customers
Proprietorship
a business owned and run by just one person
Partnership
a business owned and controlled by two or more people who have entered into a written agreement
Limited Liability Partnership (LLP)
some investors who cannot lose more than their amount of investment, but do not contribute to the everyday management
Joint Venture
business organized by two or more other businesses to operate for a limited time and for a specific project
S-corporation
offers the limited liability of a corporation
Limited Liability Company (LLC)
provides liability protection for owners
Non-profit Company
a group of people who join to do some activity to benefit the public
Corporation
a separate legal entity formed by documents filed with your state
Partnership Agreement
a written agreement among all owners, details rules and procedures that guide ownership and operations
Articles of Incorporation
a written legal document that defines ownership and operating procedures and conditions for the business (by state)
Corporate Bylaws
the operating procedures for the corporation
Board of Directors
the people who will make the major policy and financial decisions for a business
Cooperative
owned by members, serves their needs, and is managed in their interests
Franchise
-a written contract granting permission to operate a business to sell products and services in a set way
Franchisee
company purchasing the rights to run a business
Franchiser
company granting the rights to another business
Mission Statement
a short, specific written statement of the reason a business exists and what it wants to achieve
Goal
a precise statement of results the business experts to achieve
Policies
guidelines used in making consistent decisions
Procedures
descriptions of the way work is to be done
Organization Chart
a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications
Responsibility
the obligation to complete specific work
Authority
the right to make decisions about how responsibilities should be accomplished
Accountability
taking responsibility for the results achieved
Unity of Command
there is a clear reporting relationship for all staff of a business
Span of Control
the number of employees who are assigned to a particular work task and manager

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