| A | B |
|---|
| financial reasons | typical reason businesses fail |
| business plan | This tool helps entrepreneurs see the risks and responsibilities involved in starting a business |
| as many as they want | partnerships can be owned by how many people |
| taxation | corporations have a disadvantage when it comes to this business owning aspect |
| corporation | partnerships and sole proproetors have a tax advantage over this type of business |
| the other partner(s) | If one partner is unable to pay his or her portion of the business’s debts then it is paid by |
| partnership | if a partnership fails a partner stands to lose what in addition ro the amoung of money they have invested in the buesin |
| responsible for the contract | If a partner enters into a contract against the wishes of the other partners, the other partners are legally |
| a partner dies | a partnership ends if this takes place |
| partnership | it is most difficult to withdraw from this type of business |
| charter | you must have this to begin a corporation |
| corporation | this type of business can make contracts, borrow money, and be sued as if it were an indivdual person |
| directors | make up the ruling body of a corporation |
| board of directors | this group within a corporation decides when dividends are distributed |
| stockholder | this group of business owners is not liable for all company debt, but rather stands to lose only the money they put in |
| 1 | stockholder receive this many votes per share owned |
| non-profit corporation | this type of corporation does NOT pay small dividends to shareholders |
| 50 % | what percentage of new businesses fail within the first five to six years |
| entrepreneurs | working long and hard hours is a common characteristic for who |
| capital | Assets-liability= |
| equity or network | capital is also known as |
| $30,000 | If asset = $100,000 and liabilities = $70,000 what it the companies capital |
| sole proprietorship | creditors have first claim against asset sin this type of business |
| owner lacks needed skills | One of the main reasons many proprietorships fail within a short time |
| sole proprietroship | this type of business can be managed by the proprietor or by persons hired by the proprietor |
| partnership | more capital is usually available when starting this type of business |
| imited partnership | In this type of partnership the liability of a partner is limited to the amount of the partner’s investment |
| 1 | In a limited partnership at least how many partner(s) must be a general partner with unlimited liability |
| charter | An official document giving power to run a corporation |
| state in which it is incorporated | A corporation is authorized to act as if it were a single person by what group |
| shares | Ownership of a corporation is measured in |
| only the amount invested in the corporation | If the corporation fails, stockholders are responsible for |
| officers | The actual management of a corporation is handled by |
| corporation | ownership can most easily be transfered in this type of business |
| officers | this group is the only group allowed to make contracts for a corporation |
| non profit corporation | this type of business does not pay taxes and does not exist to make a profit |
| business plan | A written document that describes how to achieve the goals of a business |
| stockholders | Owners of a corporation |
| assets | Property owned by a business |
| creditors | Parties who have first claim against assets |
| balance sheet | A statement of financial position |
| liabilities | Money owed by a business |
| capital | Difference between assets and liabilities |
| intrapreneur | An employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service |
| officer | Top executive who is hired to manage a business |
| close corporation | Corporation that does not offer its shares of stock for public sale |
