Chapter 6 Business Structures – Flashcards
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board of directors
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A group of people elected by shareholders to guide a corporation.
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certificate of incorporation
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A document, generally issued by a state government, giving permission to start a corporation.
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cooperative
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A business that is owned by the members it serves and is managed in their interest.
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corporation
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A business made up of a number of owners byt authorized by law to act as a single person.
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dividend
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The part of the profits of a corporation that each shareholder receives.
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franchise
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A written contract granting permission to sell someone else's product or service in a prescribed manner, over a certain period of time, and in a specified.
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franchisee
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The person or group of people who have received permission from a parent company to sell its products or services.
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franchisor
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The parent company that grants permissino to a person or group to sell its products or services.
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municipal corporation
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An organization that provides services for citizens with revenue from theri taxes and does not have earning a profit as a goal.
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partnership
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An association of two or more people operating a business as co-owners and sharing profits or losses according to a written agreement.
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shareholder
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People who own stock in a corporation
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sole proprietorship
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A business owned by one person.
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~Katherine Nunan
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7th Hour Seat # 32
