| A | B |
|---|
| dormant partner | is one who is neither known to the public as a partner or active in management. |
| employer identification number | assigned by IRS for income tax purposes when employees are hired. |
| fictitious name | proprietor uses any name but his/her own name (made-up). |
| foreign | a corporation that does business in one state but is chartered in another state. |
| general partnership | one which all the partners assume full personal liability for debts of the firm. |
| incorporators | signors of the Articles of Incorporation |
| joint liability | all the owners of the business must be sued together in the event of a lawsuit |
| joint venture | partnership in which one or more persons or firms combine their resources to complete one complex project. |
| liquidation | the ending of a corporation. |
| merger | the process by which one corporation blends into another existing corporation. |
| nonprofit | a corporation organized for a social, charitable, or educational purpose. |
| partnership by estoppel | occurs because someone does or says something that leads a third party to believe that a co-ownership exists. |
| partnership (general) | two or more competent parties combine their money, labor and skills for the purpose of carrying on a lawful business. |
| perpetual life | one major advantage of corporations, which means the corporation can continue indefinitely with new owners. |
| preferred stock | a type of stock that entitles its owner to a stated dividend |
| private | a corporation established for business or charitable reasons. |
| promoter | person who carries out the incorporation process and is personally liable for contracts entered into before the corporation is formed. |
| public | a corporation established for governmental purpose |
| secret partner | one who is not known to the public as a partner yet participates in management |
| share | certain amount of money paid for each single unit of ownership owned. |
| shareholder | a person who owns one or more shares of stock |
| silent partner | one who may be known to the public as a partner but takes no active part in management. |
| sole proprietorship | a form of business that is owned and operated by one person |
| Tenancy in partnership | a co-ownership of partnership property. |
| termination | ending of a partnership |
| Uniform Partnership Act (UPA) | the law that governs most business associations of two or more |
| unlimited liability | business owner is responsible for all losses experienced by the business. |
