Articles of Incorporation

3.1 Business Structures and Legal Terms

Flashcard
•
Business
•
12th Grade
•
Easy
Belinda Jones
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15 questions
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1.
FLASHCARD QUESTION
Front
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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