| A | B |
|---|
| Business Ownership | someone owning a business |
| Sole Proprietorship | owned by one individual |
| Partnership | two or more people own a business |
| General Partnership | Partners share equal liability in the profits |
| Limited Partnership | Partners have unequal share & liability |
| Corporation | forms a board to governing bodies |
| Franchise | right/license to sell a company's product or service |
| Franchisor | business that leases its trade name |
| Franchisee | Person/persons who pay fees to operate under the franchisor's name |
| Limited Liability Company | limited liability to owners and flexible tax treatment |
| Limited liability partnership | all partners have the right to participate in management and have limited amount of debts they would be liable for |
| Corporate bylaws | rules governing how a corporation is organized and conducts business |
| Investors | Put money up to make a profit |
| franchise agreement | contract between franchisee and franchisor |
| Stockholder | Owner of a coportation |
| Board of directors | elected by stockholder to represent interests |
| Merger | restructuring of two companies into one |
| acquisition | Corporate restructuring when one firm buys another |
