| A | B |
|---|
| business plan | written guide that helps the entrepreneur during the design/startup phases of the business |
| sole proprietorship (proprietorship) | business owned/ managed by one person |
| proprietor | owner-manager of a business |
| creditors | those to whom money is owed |
| partnership | business owned by two or more persons |
| unlimitedfinancial liability | indicates that partners are responsible for their share of the business debts |
| limited partnership | restricts the liability of a partner to the amount of the partner's 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 |
| charter (cetificate of incorporation) | official document granted by a state giving power to run a corporation |
| stockholders (shareholders) | ownersof a corporation |
| shares | equal parts of the division of ownership of a corporation |
| dividends | profits distributed to stockholders on a per share basis |
| board of directors (directors/board) | ruling body of a corporation |
| officers | top executives who are hired to manage the business |
| capital stock | general term applied to the shares of ownership of a corporation |
| proxy | written authorizatuion for someone to vote in behalf of the person signing the proxy |
| close corporation (closely held corporation) | corporation that does not offer its shares of stock for public sale |
| open corporation (public corporation) | corportion that offers its shares of stock for public sale |
| foreign corporation | corporation doing business in a state from which it did not receive its charter |
| joint venture | two or more businesses that agree to make and/or sell a good/service |
| S-corporation | special type of corporation that is taxed as if it were a partnership |
| nonprofit corporation | organization that does not pay taxes and does not exist to make a profit |
| cooperative | business owned/operated by its user-members for the purpose of supplying themselves with goods/services |
