| A | B |
|---|
| articles of incorporation | A written application to the state seeking permission to form a corporation. |
| cooperative | An organization consisting of people who pool their resources to buy and sell more efficiently than they could independently. |
| corporation | A legal entity with an existence that is distinct from the people who organize, own and run it. |
| financial capital | Money needed to start or expand a business. |
| general partnership | The simplest from of business organization; a firm that is owned and run by one person. |
| innovation | Process of turning an invention into a marketable product |
| limited liability company (LLC) | Business with limited liability form some owners, single taxation of business income, and no ownership restriction. |
| limited liability partnership | Like a limited liability company but more easily converted from an existing partnership. |
| limited partnership | At least one general partner runs the business and bears unlimited personal liability; other partners provide financial capital but have limited liability. |
| not-for-profit organization | Groups that do not pursue profit as a goal and often engage in activities with a social purpose. |
| partnership | Two or more people agree to contribute resources to a business in return for a share in the profits. |
| private corporation | Ownership is limited to just a few people, sometimes only family members; shares not publicly traded. |
| publicly traded corporation | Owned by many shareholders; shares can be bought and sold. |
| S corporation | Limited liability combined with the single taxation of business income; must have no more thn 75 stockholders and no foreign stockholders |
| sole proprietorship | The simplest form of business organization; a firm that is owned and run by one person. |
