| A | B |
|---|
| business plan | a written document that describes the nature of the business, its goals, and objectives, and how they will be achieved |
| small business administration (SBA) | government supported agency that counsels, assists, and protects the interests of small businesses |
| small business development centers (SBDCs) | entrepreneurs who need help researching and writing business plans use these services |
| sole proprietorship | a business owned and managed by one person |
| proprietor | owner or manager of a proprietorship |
| creditors | these people have first claim to the assets if a proprietor is in debt |
| partnership | a business owned by two or more people |
| unlimited financial liability | for all the debts of the partnership, if some cannot pay, then one or the others will have to pay |
| limited partnership | restricts the liability of a partner to the amount of the partner's investment, not all partners have unlimited financial liability for the partnership debts |
