Vocabulary
The money used to run or expand a business
What is Financial Capital
If you have ever worked by yourself you are known as what
What is Sole Proprietor
Two kinds of partnerships
What is general and limited
The third form of business
What is corporation
The form of business that has become very common in recent years
What is franchise
The legal responsibility for something, such as an action or a debt
What is Liability
Sole Proprietors often have trouble raising
What is Financial Capital
Limited partnerships don't
What is help run the buisness
The abbreviation for corporation
What is incorporated
Organizations that provide goods and services without trying to make a profit
What is nonprofit organization
A government document granting permission to organize a corporation
What is a Charter
These people are their own bosses
What is Sole Proprietors
What partnerships may be huge businesses
What is major law or accounting firms
A corporation enters into
What is contracts, sue and to be sued, own property, and pay taxes
Another type of nonprofit organization
What is cooperatives
The people elected by the shareholders of a corporation to act on their behalf
What is the Board Of Directors
Examples of sole proprietorship
What is a local auto repair shops, icecream shops,or dentists office
Partners sometimes add new partners for what
What is additional funds
The state where corporation is formed grants the company a what
What is a charter
A business in which the owner is the only seller of a certain product in a certain area
A company that has permission to sell the supplier's goods or services in a particular area in exchange for a sum of money
What is Franchise
This is paid when an owners personal property may have to be sold to pay the business
What is Debt
All of these partners are responsible for managing the business and paying debts
What is general partners
The charter requires corporation to hold a meeting of stockholders every year, at this meeting the stockholders elect who
What is the board of directors
These organizations are nonprofit
What are public schools, public hospitals, Labor unions, Boy Scouts, and Girl Scouts