| A | B |
|---|
| C-corporation | Most common form of corporation. Protects the entrepreneur from being personally sued for the actions and debts of the corporation |
| corporation | Business chartered by the state and operates separate from its owners |
| franchise | Legal agreement that gives an individual the right to market a company's goods or services in a particular area |
| general | A type of partnership in which all partners have unlimited personal liability |
| initial franchise fee | Fee franchise owners pay for the right to run the business |
| joint venture | Two companies join together for a specif project. Partnership ends after a specified time. |
| limited liability | Owners of a business are liable only up to the amount of their investment |
| limited liability company | New form of business ownership that provides tax advantages and limited liability |
| limited partnership | A partnership in which partners' liability is limited to their investment |
| Nonprofit corporation | Legal entities that make money for reasons other than the owner's profit |
| partnership | Form of business ownership in which two or more people share the assets, liabilities and profits. |
| public goods | Government role in which everyone receives benefits. |
| sole proprietorship | Business owned and operated by one person. |
| Strategic alliance | Partnership in which two businesses work together for mutual benefit |
| Subchapter-S | Type of corporation that is taxed as a sole proprietorship or partnership |
| Unlimited liability | Debts of the business must be paid from the personal assets of the owner. |
