| A | B |
|---|
| franchise | A legal agreement to sell a parent company’s product or services in a designated geographic area. |
| sole proprietorship | A business owned and operated by one person. |
| unlimited liability | A business owner’s financial liability is not limited to investments in the business, but extends to his or her total ability to make payments. |
| partnership | A legal agreement between two or more people to be jointly responsible for the success or failure of a business. |
| general partnership | A way to organize a business in which each partner shares in the profits and losses |
| limited partnership | A form of business organization in which each limited partner is liable for any debts only up to the amount of his/her investment in the company. The business’s general partner is liable for all debts. |
| corporation | A legal entity created by either a state or a federal statute authorizing individuals to operate an enterprise. |
| stockholders | The owners of a corporation with limited liability. |
| foreign corporation | A company that is incorporated under the laws of a state that differs from the one in which it does business. |
| limited liability company (LLC) | A relatively new form of business organization that is a hybrid of a partnership and corporation. |
| Doing Business As (DBA) | The registration by which a county government officially recognizes that a new proprietorship or partnership exists. |
| Articles of Incorporation | Identifies the name and address of a new corporation, its purpose, and the name of its initial board of directors. |
| Entrepreneurship | Is the process of starting and operating your own business. |
| Entrepreneurs | Are people who create, launch, organize, and manage a new business and take the risk of business ownership. |
| Limited Liability | A type of investment in which the business owner's financial liability is not limited to investments in the business, but extends to his or her total ability to make payments |
