| A | B |
|---|
| intrapreneur | an employee who is given funds and freedom to create a special unit or department within a company to develop a new product, process, or service. |
| business plan | a written document that describes the nature of the business, its goals and objectives, and how they will be achieved. |
| proprietorship | a business owned and managed by one person. |
| proprietor | owner-manager of the proprietorship. |
| creditor | a person or business to which money is owed. |
| partnership | a business owned by two or more people. |
| partnership agreement | a written agreement between two or more people identifying how the partner will add capital, labor, or other assets and divide any profits. |
| unlimited financial liability | if some of the partner are unable to pay their share, one partner may have to pay all the debts. |
| limited partnership | a partnership with at least one general partner who has unlimited liability and at least one limited partner who liability is limited to his or her investment. |
| corporation | business owned by a group of people and authorized by the state in which it is located to act as though it were a single person, separate from its owners. |
| charter (certificate of incorporation) | official document through which a state grants the power to operate as a corporation. |
| stockholders | owners of a corporation |
| board of directors | ruling body of a corporation. |
| officer | top executive who is hired to manage a business. |
| close corporation | corporation that does not offer its shares of stock for public sale. |
| open corporation | corporation that offers its shares of stock for public sales. |
| agency dilemma | situation when an agent, or someone who works for another, pursues their own interest over their employers. |
| limited liability partnership | a partnership in which each partner's liability is limited to his or her investment in the partnership. |
| joint venture | two or more businesses that agree to provide a good or service, sharing the costs of doing business and also the profits. |
| cooperative | business owned and operated by its user-members for the purpose of supplying themselves with goods and services. |
| limited liability company (LLC) | speical type of coproation allowed by states that is taxed as if it were a sole proprietorship or partnership. |
| nonprofit corporation | organization that does not pay taxes and does not exist to make a profit. |
| quasi-public corporation | business that is important to society but lacks the profit potential to attract private investors and is often operated by local, state, or federal government. |
