fabm quiz 1

process of planning, organizing, leading, and controlling the activities of an organization to realize its objectives

• tells what the business is about or the goal of the entity in the long run

• how the entity will achieve its vision

• owned by one person and the business ends when the owner dies or closes the firm

an artificial being created by operation of law with at least five members

at least two owners bind themselves to contribute money w/ intention of dividing profit among themselves OR for the exercise of a profession

autonomous and duly registered association of people voluntarily joined together for a non-profit organization

• sole proprietorship are registered to____________

•  both partnership and corporation are separate legal entities because they are in operation of law (registered to the ____________)

renders service to clients and customers / sells skills