| A | B |
|---|
| liability | money owed to others |
| unlimited liability | the debts incurred by a firm may have to be paid from the owner’s personal assets |
| joint venture | a partnership created by two or more companies for a specific purpose over a set period of time |
| c-corporation | A form of corporation which protects the entrepreneur from being sued personally for actions and debts of the corporation |
| limited liability | a form of business ownership in which the owners are liable only up to the amount of their individual investments |
| subchapter S corporation | form of corporation which is taxed like a sole proprietorship or partnership |
| nonprofit corporations | Legal entities that make money for reasons other than the owner’s profit |
| limited liability company | Form of business organization with limited liability and has pass-through tax advantages |
