| A | B |
|---|
| foreign corporation | corporation that incorporates in a different state than which it does business |
| 2/3 | Number of businesses that survive after 2 years |
| Characteristics of a successful entrepreneur | Organizational skills, love of adventure, relative in entrepreneur |
| Example of entrepreneur | Jill who owns her own hair shop |
| Partnership | If one owner dies will have to restart business |
| Advantage of Corporation | May use assests and borrow money without involvment of people who own it |
| sole-proprietorship | Has least taxation and government involvement |
| buying an existing franchise | High purchase price and operating fees |
| Four forms of business ownership | Sole proprietorship, partnership, corporation, LLC |
| Family | Major influence on deciding to become an entrepreneur |
| Business Tool Kit | Online Library of business managment information |
| Cash Flow | This is restricted because of high start up costs |
| General partnership | The partner in a limited partnership that has a voice in managment |
| Franchisor | the legal term describing the owner of the franchise |
| limited liability | a stockholder in a company has this |
| DBA | The registration process for a sole proprietorship or partnership must go through for legal name |
| corporation | business that is chartered by the state |
| Limited partnership | Individual is liable for business debt only up to investment amount |
| Stockholder | owner of a corporation |
| entrepreneur | a person who owns and operates their own business |
| LLC | Relatively new form of business organization that is taxed like a partnership |
| risk | chance of loss |
| sole proprietorship | business owned and operated by one person |
| self evaluation | an assessment of one's own skills, interests, and personal qualities |
| unlimited liability | extends in individuals financial responsibility for a companies debts beyond investment |
| board | the governing body of a corporation |
| franchise | legal agreement to operate a business in the name of an established company |
| Franchisor | Decides on advertising and management |
