Key Terms
More Terms
Advantage/Disadvantag
Corporate Types
Franchises
100
Business owned and managed by one person
What is a sole proprietorship
100
Unique government creation that looks like a corporation but is taxed like a sole proprietorships and partnerships
What is S corporation?
100
More financial resources
What is an advantage
100
Does business in the state in which it is chartered
What is a Domestic Corporation?
100
The right to use a specific buisness's name and sell its products or services in a given territory.
What is a Franchise
200
Two or more people legally agree to become co-owners of a business
What is a partnership
200
The result of two firms forming one company
What is a merger?
200
Shared Management and pooled skills and knowledge
What is an advantage
200
Does business in one state but is chartered in another state.
What is a foreign corporation?
200
An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others
What is a franchise agreement?
300
Legal entity with authority to act and have liability apart from it's owners
What is a Corporation?
300
One company's purchase of the property and obligations of another company
What is an acquisition?
300
Unlimited Liability
What is a disadvantage of Partnerships?
300
One whose stock is held by a few people and isn't available to the general public.
What is a Closed/Private Corporation?
300
This franchise has more than 31,000 restaurants in 119 countries serving 50 million customers.
What is McDonalds?
400
An owner who has unlimited liability and is active in managing the firm
What is a General Partner
400
Someone with a good idea for a business sells the right to use the business name
What is a Franchise Agreement
400
Longer Survival
What is an advantage of Partnerships
400
Owners offer professional services. Shares in professional corporations aren't publicly traded.
What is a professional Corporation?
400
The initial investment of this type of franchise costs between $275,000 and $1.9 million.
What is Krispy Kreme?
500
Owner who invests money in business but does not have any management responsibilities or liabilities
What is a Limited Partner
500
Person who buys a franchise
What is a franchisee
500
Disagreement between partners and division of profits.
What is a disadvantage of parnterships?
500
One that doesn't seek personal profit for its owners.
What is a nonprofit or not for profit corporation?
500
You can't buy one of these franchises because they don't sell franchises, they are company-owned stores.
What is Starbucks?
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