| A | B |
|---|
| CORPORATION: | A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of the law.” |
| FRANCHISE: | A contractual agreement between a parent company and a franchisee to distribute goods or services |
| SOLE PROPRIETORSHIP: | A business owned by one person who receives all the profits from the business and takes all the risks |
| NONPROFIT BUSINESS: | Business or organization whose intent is to make enough money to support its mission. |
| LIMITED LIABILITY COMPANY (LLC): | A hybrid form of business ownership in which members of a business experience limited liability and taxation. The business entity has a limited life span |
| PARTNERSHIP: | A form of business ownership in which the business is owned by two or more persons |
| GENERAL PARTNERSHIP: | A type of partnership agreement in which all partners are liable for a business’s losses; also known as ordinary partnership |
| FRANCHISEE: | One who buys the right to sell the goods or services of the parent company (franchisor) |
