| A | B |
|---|
| royalty fees | weekly or monthly payments made by the owner of the franchise to the seller of the franchise |
| Sole Proprietorship | A business owned exclusively by one person |
| board of directors | group of people to meet several times a year to make important decisions affecting the company |
| share of stock | A unit of ownership in a corporation |
| business broker | A person who sells businesses for a living |
| initial franchise fee | what is paid to the owner in return for the right to run the franchise |
| partnership | a business owned by two or more people |
| dividends | distributions of profits to shareholders by corporations |
| franchise | A legal agreement that gives an individual the right to market a company's products/services in a particular area |
| corporation | a business with the legal rights of a person and which may be owned by many people |
| incorporate | to set a business up as a corporation |
| start-up costs | fees associated with beginning a business |
| liability | amount owed to others |
