| A | B |
|---|
| Sole Proprietorship | Business owned by one person |
| Unlimited liability | owner is responsible for the company's debts.1 |
| Partnership | business owned by two or more people who share its risks and rewards. |
| Corporation | a company that is registered by a state and operates apart from its owners. |
| Limited liability | a firm's owners are responsible for no more than the capital they have invested in it. |
| Cooperative | an organization that is owned and operated by its members. |
| Nonprofit organization | a type of organization that focuses on providing a service, but not to make a profit. |
| Franchise | a contractual agreement to use the name and sell products or services of a company in a designated geographic area. |
| Producer | Business that gathers raw goods. |
| Processor | changes raw materials into more finished products. |
| manufacturer | a business that makes finished products out of processed goods. |
| Intermediary | a business that moves goods from one business to another. |
| Wholesaler | distributes goods. |
| Retailer | purchases goods from a wholesaler and sells them to consumers. |
| Production | process of creating, expanding, manufacturing, or improving goods and services. |
| Marketing | process of planning, pricing, promoting, selling and distributing ideas, goods, and services. |
| Management | process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources. |
| Finance | Business or art of money management. |
| Accounting | involves maintaining and checking records, handling bills, and preparing financial reports of a business. |
