Business Ownership
This is the simplest form of business ownership with usually one person who manages the company.
Sole Proprietorship
This is a formal document that outlines a business idea, objectives, strategies and timelines.
Business Plan
The legal document files with the state to establish a new corporation.
Articles of Incorporation
This government agency helps small businesses with counseling and protection. It also assists entrepreneurs by partially guaranteeing loans from local commercial lenders.
Small Business Administration (SBA)
The business entity that grants others the right to operate under its brand.
Franchisor
A voluntary agreement between 2 or more people to act as co-owners of a business.
Partnership
These people risk their time and money to start and manage a buisness.
Entrepreneurs
The rules that describe how a corporation is organized and conducts business.
Corporate Bylaws
Local offices affiliated with the Small Business Administration that provide comprehensive management assistance to current and prospective small business owners.
Small Business Development Centers
The party that pays for the right to operate using another company's business model.
Franchisee
This type of corporation offers limited liability to owners and is the most common form of corporation.
C Corporation
This term describes a small market segment with fewer competitors.
Market Niche
The group elected by stockholders to represent their interest.
Board of Directors
This provides free, comprehensive counseling for small businesses from qualified volunteers and is supported by the Small Business Administration.
Service Corps of Retired Executives
The legal contract that outlines the rights and duties of the franchisor and franchisee.
Franchise Agreement
This type of company combines personal limited liability while offering tax benefits.
Limited Liability Company (LLC)
These firms invest in startups in exchange for ownership and often provide more funding than angel investors.
Venture Capital Firms
A type of corporation that doesn't seek to earn a profit.
Nonprofit Corporation
As a funding option for a small business, this method connects individual borrowers with investors for new business start ups and is an alternative to conventional financial services.
Peer-To-Peer Lending
What is one advantage of owning a franchise.
Less Risk
Training & Support
Brand Recognition
Easier Access To Funding
This form of corporation avoids double taxation by being taxed like a partnership and also offers limited liability protection.
S Corporation
A merger between two firms in unrelated industries.
Conglomerate Merger
A transfer of part or all of a company's ownership to investors or another firm.
Divestiture
According to the Small Business Administration, to could as "small" the average revenue should range from $0.75 million to?
28.5 Million
The name of the document provided by a franchisor to the franchisee which includes important information and obligations if the franchise is purchased.
Franchise Disclosure Document (FDD)