BusinessCh05.txt

a business that is owned, and usually managed, by one person (p. 114)

a legal form of business with two or more owners (p. 114)

a legal entity with authority to act and have liability apart from its owners (p. 115)

the responsibility of business owners for all of the debts of the business (p. 116)

a partnership in which all owners share in operating the business and in assuming liability for the business's debts (p. 117)

a partnership with one or more general partners and one or more limited partners (p. 117)

an owner (partner) who has unlimited liability and is active in managing the firm (p. 117)

An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment (p. 117)

the responsibility of a business' owners for losses only up to the amount they invest; limited partners and shareholders have limited lisbility (p. 117)

a partnership that looks much like a corporation (in that it acts like a corporation and is traded on a stock exchange) but is taxed like a partnership and thus avoids the corporate income tax (p. 117)

a partnership that limits partners, risk of losing their personal assets to only their own acts and omissions of people under their supervision (p. 118)

a state-chartered legal entity with authority to act and have liability separate from its owners (p. 121)

a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships (p. 125)

a company similar to an S corporation but without the special eligibility requirements (p. 126)

the result if two firms forming one company (p. 129)

one company's purchase of the property and obligations of another company (p. 129)

the joining of two companies involved in different stages of related businesses (p. 129)

the joining of two firms in the same industry (p. 129)

the joining of firms in completely unrelated industries (p. 129)

an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing (p. 130)

an arrangement whereby someone with a good idea for business sells the rights to use the business name and sell a product or service to others in a given territory (p. 131)

a company that develops a product concept and sells others the right to make and sell the products (p. 131)

the right to use a specific business' name and sell its products or services in a given territory (p. 131)

a person who buys a franchise (p. 131)

a business owned and controlled by the people who use it--producers, consumers, or worker with similar needs who pool their resources for mutual gain (p. 137)