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This is a business that is owned and often operated by a single individual. This is the simplest and most common form of business ownership.
What is a proprietorship? This individual is called the sole proprietor.
This is a business co-owned by at least one general partner and one or more limited partners. This person is a business partner who does not participate in managing the business.
What is a limited partnership?
These are a document that includes the names of the corporation’s founders, name of the corporation, and type of business that will be conducted.
What are the articles of incorporation?
This organization is an organization that exists to serve some public purpose. The money it raises is used to support a cause rather than make money for its owners.
What is a not-for-profit?
These are businesses that use supplies from other producers to make products.
What are manufacturers?
This is a share of ownership in a corporation.
What is a stock?
This means legal responsibility.
What is liability?
This is a portion of the corporation’s earnings distributed to stockholders.
What is a dividend?
These businesses earns profits by providing consumers with services that meet their needs and wants. These businesses do not sell products. These businesses perform activities and provide expertise for their customers. Examples include moving companies, law firms, and interior design firms.
What are service businesses?
This is an organization that generates revenue. One of its sole purposes is to be productive and generate money for its owners.
What is a for-profit business?
This is where securities are bought and sold through stockbrokers.
What is a stock exchange?
This is a group of individuals who make high-level management decisions for the business and establish company policies.
What are the board of directors?
The corporation’s founders create these that explain the practices and procedures to be followed in conducting business. They typically include the name and address of the business, the type of stock that will be issued, the number of shares of stock that will be issued, and procedures for stockholder meetings.
What are corporate bylaws?
These consist of customers who buy products for their own use and are actually the end users of the products.
What is the consumer market?
This includes national, state, and local governmental offices and agencies.
What is the government market?
This is an association of two or more persons who co-own a business with the objective of earning a profit.
What is a partnership?
This is a business that is owned and operated by those using its services
What is a cooperative, or co-op?
These are businesses that create goods and services and are important in the economy because they create products that can be used by individuals, businesses, and government.
What are producers?
This consists of all other organizations that are not in the public sector and provide goods and services through businesses.
What is the private sector?
People and businesses that sell the goods and services from producers to customers are called? They make sure goods and services are in the right place at the right time to meet consumer needs and wants. Wholesalers and retailers are the most common type of these businesses.
What are intermediaries?
This is a form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
What is a limited liability company (LLC)?
This is defined by the US Supreme Court as “an artificial being, invisible, intangible, and existing only in contemplation of the law.” It is a business that is legally separate from its owners. It has been described an “artificial person” because it has most of the legal rights of an actual person
What is a corporation?
This is a business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers. An example of a this is a business that purchases truckloads of lumber from a producer. Then divides the lumber into smaller quantities. These smaller quantities are sold to retailers like Lowe’s or Home Depot. They are also called distributors.
What is a wholesaler?
This consists of customers who buy products for use in a business. A customer in the this market is a business that buys products from another business.
What is the business market?
These are businesses that buy products from wholesalers or directly from producers, and sell them to consumers to make a profit. Consumers are also called end users.
What are retailers?