Business Types
An individual with an idea to offer an innovative product or service about which they are passionate about.
What is an Entrepreneur
Is provided with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders for tax purposes.
What is S-Corporation.
This person is the highest rank employee in the company. They are responsible for the business' success. They make all the major decisions for the company.
What is a Chief Executive Officer (CEO).
Is the payment given to an employee for the hours they have worked.
What is Hourly Pay.
One or more individuals share the business' financial responsibility, including recordkeeping, paying taxes, distributing profits, marketing, and the company's day-to-day functions.
What is a Partnership.
Is owned and managed by one individual or sometimes a small group of people.
What is a Small Business
A type of business structure that taxes the corporation separate from its owners. The company's profits are taxed when earned, and then the shareholders' dividends are taxed after distributed.
What is a C-Corporation.
This person is in charge of the company's finances. This person manages and plans the cash flow, creates budget and forecasts whether the company will meet the set budge requirements.
What is a Chief Financial Officer (CFO).
Is a fixed payment amount given to employees each pay period.
What is a Salary.
The role of this individual is to ensure that the company is being managed and run well. They vote on the management of the company, and whether to remove the CEO should the occasion arise.
What is a Stockholder.
Is a business where the owner or owners license their operations, products or services, branding, and knowledge for a royalty fee.
What is a Franchise
Offers the same limited liability as a corporation but costs less to create.
What is a Limited Liability Company.
This person oversees the business' day-to-day operational and administrative functions.
What is a Chief Operating Officer (COO).
A fee paid to an employee for completing a task. Usually see this with sales.
What is a Commission.
They are responsible for completing specific assigned tasks while adhering to the company's safety and ethical guidelines and policies.
What is an Employee.
A business that is owned by two or more people.
What is a Partnership.
This is company is easy to create due to the lack of government regulation.
What is a Sole Proprietorship.
Is the individual that developed or created the company or organization. This role is the only business role that is not interchangeable.
What is the Founder.
Employees are compensated for the number of units they produce.
What is Work Piece.
Is the highest-ranking senior executive responsible for an organization’s technical strategy, research and development (R&D), and technology infrastructure.
What is a Chief Technology Officer.
A business that sells products and services over the internet.
What is E-Commerce.
What is a Non-Profit.
Are individuals or groups that have an interest in the success of a company. The are directly or indirectly affected by the company's activity.
What is a Stakeholder.
It is commonly offered to employees in place of cash, or in addition to a lower salary.
What is Equity
They play various roles like directing the management, financing, and budget, as many of the individual are also investors.
What is a Stakeholder.