Business Basics
Individuals who found and run their own small business assuming all the risks and rewards
Entrepreneur
An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products
Franchise
typically called a co-op, is a business owned by the people who buy its products or use its services
Cooperative
is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity
C corporation (or C-corp)
is responsible for all computer-related information technology within an organization
Chief Information Officer
A thing given in recognition of one's service, effort, or achievement
Reward
The action or process of setting something in motion
Start-Up
a unincorporated business with one owner
Sole Proprietorship
This business structure protects the owners from being personally responsible for company debt while allowing profits and losses to be reported on members’ Individual Tax Returns.
Limited Liability Corporation or LLC
Traditionally responsible for overseeing the financial health and operational performance of their particular business unit (department)
Senior Managers
A dealership is a franchise where a business (the dealer) sells one brand of product to retail consumers
Dealership
A corporation whose purpose is not to make money but to provide a benefit to society
A non-profit corporation
A business with more than two owners
can be a member on the Board of Directors or can report to a Board of Directors
Chief Executive Officer or CEO
is a person who supervises activities or people, especially workers or students
Supervisor
Funds to start a business.
Capital
Distributorships are also product franchises. Businesses (the distributors) buy and resell a variety of non-competing products or services
Distribution
must have at least one general partner who assumes responsibility for all the debts of the business
A limited partnership
is responsible for the company's entire operations
Chief Operating Officer or COO
may greet and welcome customers in person while in others, they may do so by answering the phone
Frontline Employees
A situation involving exposure to danger.
Risk
The selling of another company's products through a distribution system of racks in a variety of stores that are serviced by the rack jobber
Rack Jobbing
is a corporation designed to get around the double taxation of a traditional C corporation
S corporation
oversees all business and financial operations
Chief Financial Officer or CFO
How many children does Mr. Ray have?
2 sons. Garrison (20 yo) and Jameson (3 yo)