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9 Cards in this Set
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- Back
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sole proprietorships – [pruh-prahy-i-ter] [ship]
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– businesses owned and operated by one individual; the most common form of business organization in the US
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partnership
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– a form of business organization defined by the Uniform Partnership Act as “an association of two or more persons who carry on as co-owners of a business for profit”
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general partnership – a partnership that involves a complete sharing in both the management and the liability of the business
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– a partnership that involves a complete sharing in both the management and the liability of the business
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articles of partnership
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– legal documents that set forth the basic agreement between partners
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corporation
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– a legal entity, created by the state, whose assets and liabilities are separate from its owners
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stock
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– shares of a corporation that may be bought or sold
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board of directors
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– a group of individuals, elected by the stockholders to oversee the general operation of the corporation, who set the corporation's long-range objectives
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merger
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– the combination of two companies (usually corporations) to form a new company
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acquisition - [ak-wuh-zish-uhn]
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- the purchase of one company by another, usually by buying its stock
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