| A | B |
|---|
| coporation | a business owned by a group of people and authorized by the state in which it is located to act as though it was a single person, separate from its owners |
| charter | also known as a certificate of incorporation and is the official document through which a state grants the power to operate as a corporation |
| stockholders | the owners of a coporation |
| board of directors | the ruling body of a corporation |
| officer | a top executive who is hired to manage the business |
| close corporation | a corporation that does not offer shares of stock for public sale |
| open corporation | also known as a public corporation and is one that offers shares of stock for public sale |
| agency dilemma | occurs when an agent, or someone who works for another, pursues his or er own interest over the employers interest |
| limited liability partnership | a partnership in which each partner's liability is limited to his or her investment in the partnership |
| cooperative | a business owned and operated by its user members for the purpose of supplying themselves with goods and services |
| limited liability corporation | a special type of corporation that is taxed as if it were a sole proprietorship or partnership |
| nonprofit corporation | an organization that does not pay taxes and does not exist to make a profit |
| quasi-public corporation | a business that is important to society but lack the profit potential to attract private investors |
| subsidy | government financial support |
| Subchapter S | a popular LLC that offers liability protection but allows taxation like a partnership, avoiding double taxation |
