| A | B |
|---|
| sole proprietorship | business that is owned and managed by one person |
| zoning law | law governing what types of structures and businesses are allowed in a particular area |
| liability | a debt obligation; a person or business's legally enforceable responsibility for unpaid expenses |
| limited partnership | a form of partnership in which some members, called limited partners, invest money but take no part in management |
| longevity | the duration of a firm's life |
| partnership | a business owned and controlled by two or more people who share in its profits and are responsible for its losses |
| general partnership | partnership in which all the members have equal authority and share equally in the business's profits and losses |
| collateral | property pledged by a borrower as security for a loan |
