what is..
-do not have to consult others before making a decision
-owner keeps all profits
100
this is the person who runs the whole corporation, the head person who's in charge
What is shareholders
100
if you have ever worked by yourself you are known as a
What is sole proprietor
100
to form a partnership you must do what?
two or more people sign a legal agreement called articles of partnership
200
a legal responsibility. That means the owner that has to pay all the businesses debts. it also means that if someone brings a lawsuit against the business and wins, the owner has to pay.
What is liability
200
two disadvantages of partnership
what is....
-partners share profits
-general partners have unlimited liability
200
this person is above the president but reports back to the share holders
What is Board of directors
200
a business owned by one person
What is sole proprietorship
200
two kinds of partnerships
What is general and limited
300
a government document permitting a corporation to organize
What is charter
300
an advantage of corporation
what is.....
- easier to raise money
-have a long life
-owners have limited liability
300
the lowest people in the corporation, they are beneath everyone else
What is employees
300
sole proprietors often have trouble raising
What is financial capital
300
limited partnerships dont...what
What is help run the business
400
a group of people elected by the shareholders of a corporation to act on their behalf
What is board of directors
400
a disadvantage of sole proprietorship
what is.....
-difficult to raise money
-difficult to borrow money
-unlimited liability
400
above the vice president of sales, the vice president of production, and the vice president of finance but below the board of directors
What is the president
400
what are examples of sole proprietorship
What is a local auto repair shops, icecream shops,or dentists office
400
every partner is responsible for managing the business and paying debts. they are called
What is general partners
500
permission to sell a company's goods or services in a specific location in exchange for a sum of money
What is franchise
500
a disadvantage of corporation
what is...
-more gov. regulation
-difficult and expensive to create
-stockholders have little say in running the business
500
who is beneath the vice president of sales, production, and finance?