| A | B |
|---|
| Cooperative | Formed by a group to gain bargaining power. |
| Corporation | Entity with the legal authority to act as a single person. |
| Dormant Partner | Partner plays no role and is not known to public. |
| Franchise | Grants permission to sells its products and services as a business. |
| General Partner | Partner has an active role, unlimited liability. |
| Joint Venture | A business set up as a special project for a limited time. |
| Limited Liability | Type of liability in which you only lose your initial investment in the company. |
| LLP | Abbreviation for a partnership with limited liability |
| Nonprofit | Type of corporation that benefits the public and receives a tax break. |
| Partnership | Two or more persons to carry on as co-owners of a business for a profit. |
| Partnership by Agreement | Partnership formed after they agree to conditions in a contract. |
| Partnership by Proof of Existence | Partnership formed by the way two or more people conduct their business. |
| Secret Partner | Partner has an active role, but unknown existence. |
| Silent Partner | Partner has no role, but is known to public. |
| Sole proprietorship | Business owned by one person. |
| Unlimited Liability | Type of liability in which you can lose all your assets. |
| Articles of Incorporation | A written legal document that defines ownership and operating procedures and conditions for a business. |
