| A | B |
|---|
| partnership | a business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
| general partnership | a type of partnership in which all partners share equally in both responsibility and liability |
| limited partnership | a type of partnership in which only one partner is reqired to be a general partner |
| limited liability partnership | a type of parntership in which all parnters are limited partners |
| articles of partnership | a partnership agreement that spells out each partner's rights and responsibilities |
| assets | the money and other valuables belonging to an individual or business |
| business franchise | a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| royalties | the share of earnings given by a franchisee as payment to the franchiser |
