Intro 2 Business Ch 6 Vocab

sole proprietorship

• A business owned by only one person
• A sociological, economic, or political subdivision of society
• Capable of being seen or noticed
• The power to influence or command thought, opinion, or behavior
• Coherent form or organization

unlimited liability

• A liability that holds the owner fully responsible for a company’s debts
• A business owned by only one person
• A sociological, economic, or political subdivision of society
• Capable of being seen or noticed
• The power to influence or command thought, opinion, or behavior

partnership

• A business owned by two or more people who share its risks and rewards
• A liability that holds the owner fully responsible for a company’s debts
• A business owned by only one person
• A sociological, economic, or political subdivision of society
• Capable of being seen or noticed

corporation

• Company that is registered by a state and operates apart from its owners
• A business owned by two or more people who share its risks and rewards
• A liability that holds the owner fully responsible for a company’s debts
• A business owned by only one person
• A sociological, economic, or political subdivision of society

limited liability

• A claim that holds a firm’s owners responsible for no more than the capital that they have invested in it
• Company that is registered by a state and operates apart from its owners
• A business owned by two or more people who share its risks and rewards
• A liability that holds the owner fully responsible for a company’s debts
• A business owned by only one person

cooperative

• Organization that is owned and operated by its members
• A claim that holds a firm’s owners responsible for no more than the capital that they have invested in it
• Company that is registered by a state and operates apart from its owners
• A business owned by two or more people who share its risks and rewards
• A liability that holds the owner fully responsible for a company’s debts

nonprofit organization

• A type of business that focuses on providing a service rather than making a profit
• Organization that is owned and operated by its members
• A claim that holds a firm’s owners responsible for no more than the capital that they have invested in it
• Company that is registered by a state and operates apart from its owners
• A business owned by two or more people who share its risks and rewards

franchise

• Contractual agreement to use the name and sell the products or services of a company in a designated geographic area
• A type of business that focuses on providing a service rather than making a profit
• Organization that is owned and operated by its members
• A claim that holds a firm’s owners responsible for no more than the capital that they have invested in it
• Company that is registered by a state and operates apart from its owners

sole

• Having no sharer; being the only one
• Contractual agreement to use the name and sell the products or services of a company in a designated geographic area
• A type of business that focuses on providing a service rather than making a profit
• Organization that is owned and operated by its members
• A claim that holds a firm’s owners responsible for no more than the capital that they have invested in it

income

• A gain or recurrent benefit usually measured in money that derives from capital or labor
• Having no sharer; being the only one
• Contractual agreement to use the name and sell the products or services of a company in a designated geographic area
• A type of business that focuses on providing a service rather than making a profit
• Organization that is owned and operated by its members