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Vocabulary Exam V

limited partnership
an establishment owned by two or more persons in which only one person has unlimited personal liability for the business
trade association
nonprofit association that promotes the interests of a particular industry
assets
money and other valuables belonging to an individual or business
sole proprietorship
a business owned and managed by a single individual
cooperative
a business organization owned and operated by a group of individuals for their mutual benefit
corporation
a legal entity owned by individual stockholders
bond
a certificate issued by a corporation promising to repay a loan with interest to the buyer
business organization
an establishment formed to carry on commercial enterprise
liability
the legally bound obligation to pay debts
stock
a share representing a portion of ownership in a corporation
business license
authorization to start a business issued by the local government
dividend
the portion of corporate profits paid out to stockholders
zoning law
regulation in a city or town that designates separate areas for residency and business
nonprofit organization
an institution that functions like a business but does not operate in order to generate profits
horizontal merger
the joining of two or more firms competing in the same market with the same good or service
general partnership
a business in which the owners share equally in both responsibility and liability

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