ENT Chapter 3

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wholesaling business

buys goods in large quantities typically from manufacturers and resells them in smaller batches to retailers

partnership

type of business where two or more people share the business

franchise

an arrangement in which an established company sells the right for others to use the company's name and operating plan to sell products and services

manufactrer

converts materials into goods suitable for use and then sells those goods to others

manufacturing business

converts materials into goods suitable for use and then sells those goods to others

subchapter S corporation

not taxed as a whole but on its profit or loss to each stockholder and is put on their tax returns

service business

provides services to customers for a fee

reseller's permit

purchase goods tax free from wholesalers and collect sales tax from the end buyers

incorporate

set up a corporation in accordance with the laws of the particular state where the business is located

limited partnership

structured so that at least one partner has limited liability

liability

this is the legal obligation of a business owner to use personal money and possessions to pay the debits of the business

share of stock

unit of ownership in a corporation

retailing business

buy goods often from wholesalers and resells them directly to consumers who are the end buyers

general partnership

all partners have unlimited liability

north american industry classification system

assigns a numerical code to every industry in north america based on its primary business function

wholesaler

buys goods in large quantities typically from manufacturers and resells them in smaller batches to retailers

cooperative

business owned controlled and operated for the mutual benefit of its members

sole proprietorship

business ownership in which a single person owns the business

limited liability company

business ownership like a Corp but has simpler operating requirements and tax procedures and greater liability protection for the business owner

corporation

business ownership where a business its self is a parson under the law and limited liability is granted to business owners

trade business

business that is either a wholesale or retail business

retailer

buy goods often from wholesalers and resells them directly to consumers who are the end buyers

partnership agreement

document that says how work, responsibilities, rewards, and liabilities of a partnership will be shared by the partners

nonprofit corporation

does not provide profit to shareholders but to serve the good of society

limited liability

owner can't be forced to use personal money and possessions to pay business debt

unlimited liability

owner is forced to use personal money and possession to pay debts

shareholders

owners of a corporation

stockholders

owners of a corporation

dividend

portion of the corporations profit

C corporations

taxed as entities by the federal government


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