| A | B |
|---|
| Sole Proprietorship | business owned by one person |
| Partnership | Business owned and managed by a small group. Written agreement spells out terms of partnership |
| Corporation | Business owned by a number of people. Operated under written permission. |
| Charter | Written permission of state. Also known as certificate of incorporation. |
| Shareholder | People who own stock in company. |
| Franchise | Written contract granting permission to sell someone else's productor service in a prescribed manner. |
| Franchisor | Parent companywho gives permission to sell it's products or services. |
| Franchisee | Person who purchases franchise from parent and agrees to run it in a certain way. |
| Franchise Agreement | States duties and rights of both franchisor and franchisee |
| liability | anything company owes |
| cooperative | individuals who band together in order to compete in the marketplace. |
