entrepreneur
someone who organizes a business venture and assumes the risk for it
inventory
the merchandise that a shop has on hand
sole proprietorship
business owned by one person
proprietor
An owner of a store or other business
unlimited liability
the debts incurred by a firm may have to be paid from the owner's personal assets
assets
anything of material value or usefulness
start-ups
the act of starting a new operation or practice
small business incubator
private or gov funded agency that assists new businesses by providing advice
partnership
a contract between two or more persons who agree to pool talent and money and share profits or losses
joint venture
a venture by a partnership or conglomerate designed to share risk or expertise
corporation
an organization that is authorized by law to carry on an activity but treated as though it were a single person
limited liability
the liability of a firm's owners for no more than the capital they have invested in the firm
articles of incorporation
a written legal document that defines ownership and operating procedures and conditions for the business
corporate charter
a license to operate from the state
franchise
a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
every business involves expenses and receipts and record keeping. What are two other elements?
advertising and risk
When you calculater your profits, it is especially important for you to include the value of your time, what is that called?
opportunity cost
What is the most common form of business organization?
sole proprietorship
What are the advantages and disadvantages of sole proprietorship?
profits, losses liability, management, taxes, personal satisfaction, financing growth, and life of the business.
If you need help in starting a new business where can u look?
small business incubators
often two or more people want to start a business together, what is one type of business they can share?
Partnership
What is the diffrence between a limited partnership and a joint venture?
a limited partnership, while permanent, is not equal between all partners while a joint ventrue is equal but only temperary.
limited partnership
form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business
what are the elements of every corporation?
profits, losses, liability, management, taxes, personal satisfaction, financing growth, and life of the business
Who grants corperate charters?
the state government
which group within a corporation chooses the board of directors?
the stock holders
how does a franchise operate
they buy a hotel from a franchise and they have to pay a fee every year or more plus a certain amount of the profets.