| A | B |
|---|
| business organization | an establishment formed to carry on commercial enterprise |
| sole proprietorship | a busineess owned and managed by a single individual |
| business license | authorization to start a business issued by the local governement |
| zoning laws | law in a city or town that designates seperate areas for residency and for business |
| liablity | the legally bound obligation to pay debts |
| fringe benefit | payment other than wages or salaries |
| partnership | an organization owned by two or more persons who agree on a specific division of responsibility and profit |
| general partnership | partnership in which partners share equally in both responsiblity and liablity |
| limited partnership | partnership in which only one partner is required to be a general partner |
| limited liability partnership | partnership in which all partners are limited partners |
| articles of partnership | a partnership agreement |
| uniform partnership act | act ordering common ownership interests, profits, and loss sharing, and shared management responisbilites in a partnership |
| assets | money and other valuables beloning to an individual or business |
| corporation | a legal entity owned by individual stockholders |
| stock | a certificate of ownership in a corporation |
| closely held corporation | corporation that issues stock to only a few people often family members |
| publicity held corporatoin | corporatoin that sells stock on the open market |
| bond | a formal contract to repay borrowed money with interest at fixed intervals |
| certificate of incorporation | license to form a corporation issued by state government |
| dividend | the portion of corporate profits paid out to stockholders |
| horizontal merger | combo of two or more firms competing in the same market with same good or service |
| vertical merger | combo of two or more firms involved in different stages of producing the same good or service |
| conglomerate | business combo merging more than thre businesses that make unrelated products |
| multinational corporation | large corporation that produces and sells its good or service throughout the world |
| business franchise | a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| royality | share of earnigns given as payment |
| cooperative | a business organization owned and operated by a group of individuals for there mutal belief |
| consumer cooperative | retail outlet owned and operated by consumers |
| service cooperatoin | cooperative that provides a srevice rather than a good |
| professional organization | nonprofit organization that works to improve the image working coniditons and skill levels of persons in a particular occupatoin |
| trade association | non profit organziation that promotes the interests of a particualar industry |
