10.1
_________ is an employee who is given funds and freedom to create a special unit or department within a large company to develop a new product, process, or service.
What is an intrapreneur?
________________is a business owned by two or more people.
What is a partnership?
________________is a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person, separate from its owners.
What is a corporation?
_______________ is a top executive who is hired to manage the business.
What is an officer?
______________is a partnership in which each partner’s liability is limited to his or her investment in the partnership.
What is a limited liability partnership?
The life of the corporation is not affected.
What is when an owner of a corporation dies?
All partners are bound by it.
what is "If one partner makes a contract that the other partners do not like..."
_________ is a written document that describes the nature of the business, the goals and objectives, and how the goals and objectives will be achieved
What is a business plan?
_____________________is a written agreement between two or more people identifying how the partners will add capital, labor, or other assets and divide any profits or share any losses.
Stockholders, directors, and officers.
What are the three key groups of people in corporations.
___________________ (also called a closely held corporation) is one that does not offer its shares of stock for public sale.
What is a close corporation?
____________ is an agreement among two or more businesses to work together to provide a good or service.
What is a joint venture?
Owners lack financial resources
Why do New businesses fail?
______________is a business owned and managed by one person.
What is a proprietorship?
_______________means each partner is personally liable for all the debts incurred by the partnership.
What is unlimited financial liability?
___________________ are the owners of a corporation.
What are Stockholders?
______________________ (also called a publicly owned corporation) is one that offers its shares of stock for public sale.
What is a open corporation?
____________________is a business owned and operated by its user-members for the purpose of supplying themselves with goods and services.
What is a cooperative?
Cash received from the sale of all assets.
What does net proceeds refer to?
_______________is the owner-manager of a proprietorship.
What is a proprietor?
_______________________has at least one general partner who has unlimited liability and at least one limited partner whose liability is limited to his or her investment
What is a limited partnership?
___________________(often shortened to directors or the board) is the ruling body of a corporation.
What is the board of directors?
Shares that might be sold and used to expand the business at a later date.
What are unissued shares?
____________________is a special type of corporation that is taxed as if it were a sole proprietorship or partnership.
What is a Limited Liability Corporation (LLC)?
100
What is the maximum number of stockholders that the firm can have to form a Subchapter S corp?
______________is a person or business to which money is owed.
What is a creditor?
Adequate funds, a general knowledge about business, some work experience, and a business opportunity...
What are the things you'll need to start your own business?
An official document giving power to run a corporation is often called _____________.
What is a charter?
A quasi -public corporation.
What is the Tennessee Valley Authority an example of?
___________ an organization that does not pay taxes and does not exist to make a profit.
What is a Nonprofit corporation?
owners
What are shareholders of a corporation often called?