History Mid Term Guide

Sole proprietorship

• a business owned and operated by a single person

• when a business owner is personally and fully responsible for all losses and debts of the business

• money used to buy the tools and equipment used in production

• a business owned by two or more people

Unlimited liability

• identifies how much money each person will contribute and what role each will play in the business

• a business owned and operated by a single person

• when a business owner is personally and fully responsible for all losses and debts of the business

• money used to buy the tools and equipment used in production

Financial capital

• a business owned by two or more people

• identifies how much money each person will contribute and what role each will play in the business

• a business owned and operated by a single person

• money used to buy the tools and equipment used in production

Partnership

• a business owned by two or more people

• identifies how much money each person will contribute and what role each will play in the business

• a business owned and operated by a single person

• when a business owner is personally and fully responsible for all losses and debts of the business

Articles of partnership

• money used to buy the tools and equipment used in production

• a business owned by two or more people

• identifies how much money each person will contribute and what role each will play in the business

• a business owned and operated by a single person

Corporation

• a business recognized by law that has many of the rights and responsibilities of an individual

• a government document granting permission to organize

• ownership share of a corporation

• an individual who has invested in a corporation and owns some of its stock

Charter

• runs a corporation on a daily basis

• a business recognized by law that has many of the rights and responsibilities of an individual

• a government document granting permission to organize

• ownership share of a corporation

Stock

• an individual who has invested in a corporation and owns some of its stock

• runs a corporation on a daily basis

• a business recognized by law that has many of the rights and responsibilities of an individual

• ownership share of a corporation

Stockholder

• an individual who has invested in a corporation and owns some of its stock

• runs a corporation on a daily basis

• a business recognized by law that has many of the rights and responsibilities of an individual

• a government document granting permission to organize

Board of directors

• ownership share of a corporation

• an individual who has invested in a corporation and owns some of its stock

• runs a corporation on a daily basis

• a business recognized by law that has many of the rights and responsibilities of an individual