Accountability
Taking responsibility for the results achieved
Articles of Incorporation
A written legal document that defines ownership and operating procedures and conditions for the business
Authority
The right to make decisions about how responsibility should be accomplished
Bylaws
A rule made by a company or society to control the actions of its members
Chain of Command
An official hierarchy of authority that dictates who is in charge
Contingent Worker
One who has no explicit or implicit contract for long term employment
Cooperative
A business formed to market products produced by members or to purchase products needed by the members
Corporation
A separate legal entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a boared of directors
Extractors
A business that takes resources from nature for direct consumption or for use in developing other products
Franchise
A written contract granting permission to operate a business to sell products and services in a set way
Goals
A precise statement of results the business expects to achieve
Intermediaries
Businesses involved in selling the goods and services of producers to consumers and other businesses
Joint Venture
A unique business organized by two or more other businesses to operate for a limited time and for a specific project
Liability
What a company owes
Limited Liability Company
Form of business ownership that provides liability protection for owners
Limited Liability Partnership
A partnership that identifies some investors who cannot lose more than the amount of their investment
Marketing
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings
Matrix organizational structure
Work is structured around specific projects, products, and customer groups
Mission Statement
Short, specific written statement of the reason a business exists and what it wants to achieve
Organization Chart
A diagram that shows the structure of an organization, classification of work and jobs, and the relationships among those notification
Partnership
A business owned and controlled by two or more people who have entered into written agreement
Partnership Agreement
A written agreement among all owners detailing the rules and procedures that guide ownership and operations
Policies
Guidelines used in making consistent decisions
Procedures
A list of steps to be followed for performing a particular work activity
Proprietorship
A business owned and run by one person
S Corporation
A corporate form of business that offers the limited liability of a corperation
Service Business
A business that carries out activities that are consumed by its customers
Span of control
The number of employees who are assigned to a particular work task and manager
Unity of Command
A clear reporting relationship for all staff of a business
Market Activities
Are directed at providing goods and services wanted by a business customers, Convincing consumers to purchase
Baby boomers
the people born between 1946 and 1964
Producers
create the products and services used by individuals and other businesses
Farmers
cultivate lmd and use other natural resources to grow crops and raise livestock for consumption
Manufacturers
get supplies from other producers, convert them into products,and sell their products to consumers and other businesses
Corporate bylaws
the operating procedures for the corporation
Board of Directors
the people who will make the major policy and financial decisions for the business
Nonprofit corporation
a group of people who join to do some activity that benefits the public
Franchiser
the company that owns the product or service and grants the rights to anther business
Franchisee
the company purchasing the rights to run the business
Responsibility
the obligation to complete specific work
Functional organizational structure
work is arranged within main business functions such as production, operations, marketing, and human resources