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Business Organization
Establishment formed to carry on commercial Enterprise.
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Sole Proprietorship
Business owned and managed by a single individual.
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Business License
Authorization to start a business issued by the local government.
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Zoning Law
Law in a city or town that designates separate areas for residency and for business.
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Liability
The legally bound obligation to pay debts.
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Fringe Benefit
Payment other than wages or salaries.
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Partnership
Business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
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General Partnership
Partnership in which partners share equally in both responsibility and liability.
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Limited Partnership
Partnership in which only one partner is required to be a general partner.
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Limited Liability Partnership (LLP)
Partnership in which all partners are limited partners.
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Articles of Partnership
A partnership agreement.
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Uniform Partnership Act (UPA)
Act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership.
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Assets
Money and other valuables belonging to an individual or business.
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Corporation
A legal entity owned by individual stockholders.
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Stock
Certificate of ownership in a corporation.
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Closely Held Corporation
Corporation that issues stock to only a few people, often family members.
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Publicly Held Corporation
Corporation that sells stock on the open market.
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Bond
A formal contract to repay borrowed money with interest at fixed intervals.
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Certificate of Incorporation
License to form a corporation issued by state government.
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Dividend
The portion of corporate profits paid out to stockholders.
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Horizontal Merger
Combination of two ore more firms Competing in the same market with the same good or service.
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Vertical Merger
Combination of two or more firms involved in different stages of producing the same good or service.
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Conglomerate
Business combination merging more than three businesses that make unrelated products.
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Multinational Corporation (MNC)
Large corporation that produces and sells its goods and services throughout the world.
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Business Franchise
Semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given idea.
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Royalty
Share of earnings given as payment.
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Cooperative
Business organization owned and operated by a group of individuals for their mutual benefit.
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Consumer Cooperative
Retail outlet owned and operated by consumers.
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Service Cooperative
Cooperative that provides a service, rather than a good.
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Producer Cooperative
Agricultural marketing cooperative that helps members sell their products.
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Nonprofit Organization
Institution that functions much like a business, but does not operate for the purpose of generating profits.
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Professional Organization
Nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations.
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Business Association
Nonprofit organization that promotes collective business interests for a city, state, or or other geographical area, or for a group of similar businesses.
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Trade Association
Nonprofit organization that promotes the interests of a particular industry.
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