| A | B |
|---|
| business organization | an establishment formed to carry on commercial enterprise |
| sole proprietorship | a business owned and managed by a single individual |
| business license | authorization to start a business issued by the local government |
| zoning law | law in a city or town that designates separate areas for residency and for business |
| liability | the legally bound obligation to pay debts |
| fringe benefit | payment other than wages or salaries |
| partnership | a business organization owned by two or more persons |
| general partnership | partnership in which partners share equal responsibility and liability |
| limited partnership | partnership in which only one partner is required to be a general partner |
| LLP | partnership in which all partners are limited partners |
| articles of partnership | a partnership agreement |
| UPA | act ordering common ownership interests, profit and loss sharing, etc. |
| assets | money and other valuables belonging to an individual or business |
| corporation | a legal entity owned by individual stockholders |
| stock | a certificate of ownership in a corporation |
| closely held corporation | corporation that issues stock to only a few people |
| publicly held corporation | corporation that sells stock on the open market |
| bond | a formal contract to repay borrowed money with interest at fixed intervals |
| certificate of incorporation | license to form a corporation issued by state government |
| dividend | the portion of corporate profits paid out to stockholders |
| horizontal merger | the combination of two or more firms competing in the same market with the same good or service |
| vertical merger | the combination of two or more firms involved in different stages of producing the same good/service |
| conglomerate | business combination merging more that three businesses that make unrelated products |
| MNC | large corporation that produces and sells its good and services throughout the world |
| business franchise | a semi-independent business that pays fees to a parent company so they can sell a product |
| royalty | share of earnings given as payment |
| cooperative | a business organization owned and operated by a group of individuals for their mutual benefit |
| consumer cooperative | retail outlet owned and operated by consumers |
| service cooperative | cooperative that provides a service, rather than a good |
| producer cooperative | agricultural marketing cooperative that helps members sell their products |
| nonprofit organziation | institution that functions much like a business, but does not operate to earn profits |
| professional organization | nonprofit organization that works to improve the image, working conditions, and skill levels of people |
| business association | nonprofit organziation that promotes collective business interests for a city, state, etc. |
| trade association | nonprofit organization that promotes the interests of a particular industry |
