| A | B |
|---|
| C-Corporation | A form of corporation which protects the entrepreneur from being sued personally for actions and debts of the corporation. |
| Corporation | A business that is charted, or registered, by a state, and legally operates apart from its owner or owners. |
| General Partners | Partners who share unlimited personal liability and take full responsibility for management of the business. |
| Liability | Money owed to others. |
| Limited Liability | A form of business ownership in which the owners are liable only up to the amount of their individual investments. |
| Limited Liability Company | Form of business organization with limited liability and has pass-through tax advantages. |
| Limited Partners | Partners whose liability is limited to their investment. |
| Nonprofit Organization | Legal entities that make money for reasons other than the owners’ profit. |
| Partnership | Form of business where more than one person shares the business’s decisions and outcomes. |
| Sole Proprietorship | Form of business where the owner is the only one responsible for the business activities. |
| Subchapter S Corporation | Form of corporation which is taxed like a sole proprietorship or partnership |
| Unlimited Liability | The debts incurred by a firm may have to be paid from the owner’s personal assets. |
