Types of Businesses
One of its sole purposes is to be productive and generate money for its owners.
What is a for-profit business?
The end users of the products.
What are consumers?
A business that is owned and operated by a single individual.
What is a proprietorship?
A form of business ownership that provides limited liability to its owners, but is taxed as a partnership.
What is an S corporation?
A share of ownership in a corporation.
What is a stock?
An organization that exists to serve some public purpose and raises money to support a cause.
What is a not-for-profit business?
The customer of a service business.
What is a client?
An association of two or more persons who co-own a business with the objective of earning a profit.
What is a partnership?
A form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
What are limited liability corporations (LLC's)?
A portion of the corporation's earnings distributed to stockholders.
What is a dividend?
Schools, the military, and the IRS are part of this sector.
What is the public sector?
This market consists of customers who buy products for their own use.
What is the consumer market?
A business that is co-owned by two or more general partners who are responsible for business operations.
What is a general partnership?
A business that is owned and operated by those using its services.
What is a cooperative, or co-op?
A group of individuals who make high-level management decisions for the business and establish company policies.
What is a board of directors?
Businesses that create goods and services.
What are producers?
This market consists of customers who buy products for use in a business.
What is the business market?
A business co-owned by at least one general partner and one or more limited partners.
What is a limited partnership?
S Corporations are restricted to no more than this many shareholders.
What is 100 shareholders?
A corporation has been described as this because it has most of the legal rights of an actual person.
What is an artificial person?
Businesses that sell the goods and services from producers to customers.
What are intermediaries?
A customer in the business market.
What is a business?
Defined by the US Supreme Court as "an artificial being, invisible, intangible, and existing only in contemplation of the law."
What is a corporation?
Co-ops are run in this way.
What is democratically?
A document that includes the names of the corporation's founders, name of the corporation, and the type of business that will be conducted.
What are the articles of incorporation?