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(Types of Business Ownership Key Terms) (Business Class)

Partnership
Two or more persons to carry on as co-workers of a business for a profit.
Vote
Each stock equals one ___ at the shareholder meeting.
Unlimited
Type of liability in which you can lose all your assets.
By proof of existence
Formed by the way two or more people conduct their business.
Corporation
Entity with the legal authority to act as a single person.
Secret Partner
Partner has an active role, but unknown existence.
Franchise
Grants permission to sell its products and services as a business.
Sole Partnership
Business owned by one person.
By agreement
Partnership formed after they agree to conditions in a contract.
Nonprofit
Type of corporation that benefits the public and receives a tax break.
LLP
Abbreviation for a partnership with limited liability.
Silent Partner
Partner has no role, but is known to public.
Double
Type of taxation on a corporation.
Limited
Type of liability in which you only lose your initial investment in the company.
Dormant Partner
Partner plays no role and is not known to public.
Articles
________ of incorporation.
General Partner
Partner has an active role, unlimited liability.
Cooperative
Formed by a group to gain bargaining power.
Joint
________ venture is a special project for a limited time.

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