business ch.5

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limited liability company

A company similar to an S corporation but without the special eligibility requirements

merger

Combination of two or more companies into a single firm

sole proprietorship

a business that is owned and usually managed by one person

franchisor

a company that develops a product concept and sells others the rights to make and sell the products

cooperative

a jointly owned commercial enterprise (usually organized by farmers or consumers) that produces and distributes goods and services and is run for the benefit of its owners

partnership

a legal business with two or more owners

corporation

a legal entity with authority to act and have liability apart from its owners

general partnership

a partership in which all owners share in operating the business and in assuming liability for the business's debts

limited liability partnership

a partnership that limits partner's risk of losing their personal assests to only their own acts and omissions and the the acts and omissions of people under their supervision

acquisition

one company's purchase of the property and obligations of another company

limited partnership

one or more general partners and one or more limited partners

limited liability

responsibility of a business's owners for losses only up to the amount they invest, limited partners and shareholders have limited liability

franchise agreement

someone with a good idea for a business sells the rights to use the business name and sell a product or servers to others

conglomerate merger

the joining of firms in completely unrelated industries

horizontal merger

the joining of two firms in the same industry

unlimited liability

the responsibility of business owners for all of the debts of the business

franchise

the right to use a specific business's name and sell its products or services in a given territory

vertical merger

The joining of two companies involved in different stages of related businesses

master limited partnership

a partnership that looks much like a corporation but is taxed like a pertnership and thus avoids the corporate income tax.

franchisee

a person who buys a franchise

Conventional Corporation

a state-chartered legal entity with authority to act and have liability separate from its owners

S corporation

a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships

leveraged buyout

an attempt by employees, management, or a group of investors to purchase an organizational primarily through borrowing.

general partner

an owner who has unlimited liability and is active in managing the firm

limited partner

an owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment


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