3.1 Business Structures and Legal Terms

3.1 Business Structures and Legal Terms

Assessment

Flashcard

Business

12th Grade

Easy

Created by

Belinda Jones

Used 2+ times

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

Articles of Incorporation

Back

Documents filed with a governmental body to legally establish a corporation as a recognized entity under state law.

2.

FLASHCARD QUESTION

Front

Benefit Corporation (B Corp)

Back

A corporation that explicitly considers public benefit in its decisions rather than only maximizing shareholder value.

3.

FLASHCARD QUESTION

Front

C Corporation (C Corp)

Back

A corporation that can sell unlimited shares of its stock to the general public, is heavily regulated by the government, and reports its financial information to the public.

4.

FLASHCARD QUESTION

Front

Corporation

Back

A legal entity that is separate from its owners and controlled by a board of directors; the entity has most of the same rights and responsibilities that individuals possess but offers limited liability.

5.

FLASHCARD QUESTION

Front

General Partnership

Back

A business structure where all the partners have decision-making and management power, and have unlimited liability, meaning they can lose more than they invested.

6.

FLASHCARD QUESTION

Front

Liability

Back

The legal responsibility of an individual (or entity) for actions, debts, and obligations.

7.

FLASHCARD QUESTION

Front

Limited Liability

Back

The liability restricts an individual’s potential loss to the total amount of their investment in a company.

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