| A | B |
|---|
| sole proprietorship | a business owned and controlled by one person |
| zoning laws | specifies the areas of a city or county where various types of business activities can be pursued |
| liability | responsibility for debt |
| collateral | anything of value that a borrower agrees to give up if he or she is unable to repay a loan |
| longevity | the length of a firm's life |
| partnership | a business that is owned and controlled by two or more people |
| general partnership | partners enjoy equal decision making authority |
| limited partnership | partners join as investors who provide financial capital in exchange for a share of the profits |
