| A | B |
|---|
| Licensing | A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g., logo, name), or patented material for a specific activity, during a specific time period, for the profit of both parties |
| Licensor | The owner of copyrighted, patented, or trademarked material |
| Limited liability | Restricted chance of loss; a condition in which business owners risk only the amount of their investment |
| Limited liability company (LLC) | A form of business ownership in which members of a corporation experience limited liability; there is limited taxation on company income and limited life for the business entity |
| Limited liability partnership (LLP) | A form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partners |
| Limited partnership | A type of partnership agreement in which at least one partner has limited liability and a general partner has unlimited liability; the liability of the limited partner(s) is limited to the amount of their investment |
| Master licensee | A person or firm who helps franchisors find franchisees in a particular region or territory |
| Merger | Two individual businesses that combine to form one organization |
