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| Parntership | A voluntary association of two or more persons to act as co-owners of a business for profit |
| Unlimited Liability | A legal concept that holds a business owner personally responsible for all the debts of the business |
| Sole Proprietorship | A business that is owned(and usually operated) by one person |
| General Partner | person who assumes full or shared responsibility for operating a business |
| General Partnership | A business co-owner by two or more genera aprtners who are lioable for everything the business does |
| Limited Partner | A person who contributes capital to a busness but has no management responsibility or liability for losses beyond the amount he or she invested in the company |
| Limited Partnership | A busniess co-owned by one or more general partners who manage the business and limited partners who invest money in it |
| Master Limited Partnership(MLP) | A busniess partnership that is owned and managed like a corporation but taxed like a partnership |
| Corporation | An artificial person created by law, with most of the legal rights of a real person, including the rights to start and operate a business, to buy and sell property, to borrow money, to sue or be sued, or to enter into binding contracts |
| Stock | The shares of ownership of a corporation |
| Stockholder | A person who owns a corporations stock |
| Close Corporation | A corporation whose stock is owned by relatively few people and is not sold to the general public |
| Open Corporation | A corporation whose stock is bought and sold on security exchanges and can be purcvhased by any individual |
| Incorporation | The process of forming a corporation |
| Domestic Corporation | A corporation in the stae in which it is incorporated |
| Foreign Corporation | A corporation in any state in which it does business except the one it is incporporated |
| Alien Corporation | A corporation charted by a foreign government and conducted business in the United States |
| Corporate Charter | A contyract between the corporation and the state, in which the state recognizes the formation of the artificial persons that is the corporation |
| Common Stock | Stock owned by individuals or firms who may vote on corporate matters, but whose claims on profit and assets are subordinate to the claims of others |
| Preferred Stock | Stock owned by individuals or firms who usually do not have voting rights, but whose claims on divedends are paid before those of common-stocvk owners |
| Dividend | A distribution of earnings to the stockholders of a corporation |
| Proxy | A legal form lsting isses to be decided at a stockholders' meetinfg and enabling stockholders to transfer their voting rights to some other individual or individuals |
| Board of Directors | The top governing body of a corporation, the members, of whicvh are elected by the stockholders |
| Corporate Officers | The chairman of the board, president, vexecutive vice presidents, corporate secretary, and treasurer or any other top executive appointed by the board of directoers |
| Limited Liability | A feature of corporate ownership that limits each ownership that limits each owner's financial liability to the amount of money he or she has paid for the corporations stock |
| S-Corporation | A corporation that is taxed as though it were a partnership |
| Limited Liability Company(LLC) | A form of business ownership that provides limited liability protection and is taxed like partnership |
| Government Owned Corporation | corporation owned and operated by a local, state, or federal governemnt |
| Quasi-government corporation | A business owned partly by the government and penalty by private citizens or firms |
| Not-For-Profit Corporation | A corporation organized to provide a social, educational,religious, or other services, rather than to earn a profit |
| Joint Venture | An agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time |
| Syndicate | A temporary association of individuals or firms organized to perform a specific task that requires a alrge amount of capital |
| Merger | The purchase of ones corporation by another |
| Hostile Takeover | A situation in which the management and board of directors of the firm targeted for acquisition disapprovbe of the merger |
| Tender Offer | An offer to purchase the stock of a firm targeted for acquisition at a price just high enough to tempt stock holders to sell their shares |
| Proxy Fight | A technique used to gather enough stockholder votes to control the targeted company |
| Divestiture | The process of dimantling a company and selling off different parts |
| Leveraged Buyout(LBO) | A purchase arrangement that allows a firms managers and employees or a group of investors to purchase the company |
| Small Business | One that is indepoendently owned and operated for profit and it not dominant in its field |
| Business Plan | A carefully constructed guide for the person starting a business |
| Small Business Administration(SBA) | A governmental Agency that assistys, counsels, and protects the interests of small businesses in the United States |
| Service Corps of Retired Executives(SCORE) | A group of businesspeople who volunteer their services to small businesses through the SBA |
| Small Business Institute(SBI) | A group of senior and graduate students in business administration who provide management counseling to small businesses |
| Small Business Development Center(SBDC) | University-based group that providers individual counseling and practical training to owners of small businesses |
| Venture Capital | Many that is invested in small( and sometimes struggling) firms that have the potential to become very successful |
| Small Business Investment Company(SBIC) | Privately owned firm that provides venture capital to small enterprises that meet its investment standards |
| Franchise | A license to operate an individually owned busniess as though it were part of a chain of outlets or stores |
| Franchising | The actual granting of a franchise |
| Franchisor | An individual or organization granting a franchise |
| Franchisee | A person or organization purchasing a frachise |
