Ch 8: Business Organization

Front

business organization

Back

an establishment formed to carry on commercial enterprise. It is profit motivated.

Front

sole proprietorship

Back

a business owned and managed by a single individual.

Front

business license

Back

authorization to start a business issued by the local government.

Front

zoning law

Back

law in a city or town that designates separate areas for residency and for business.

Front

liability

Back

a legal obligation to pay money to another party.

Front

fringe benefit

Back

payment other than wages or salaries which could include sick pay, paid vacation.

Front

partnership

Back

a business organization owned by two or more persons who agree on a specific division of responsibilities and profits.

Front

general partnership

Back

partnership in which partners share equally in both responsibility and liability.

Front

limited partnership

Back

partnership in which only one partner is required to be a general partner.

Front

limited liability partnership

Back

a type of partnership in which all partners are limited partners.