Objective 2.01 Vocabulary Quiz – Flashcards
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Partnership
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. Two or more persons to carry on as co-owners of a business for a profit
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Vote
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. Each stock equals one _______ at the shareholder meeting
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Unlimited
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Type of liability in which you can lose all your assets
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By proof of existence
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. Formed by the way two or more people conduct their business
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Corporation
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Entity with the legal authority to act as a single person
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Secret
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Partner has an active role, but unknown existence
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Franchise
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Grants permission to sells its products and services as a business
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Sole proprietorship
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Business owned by one person
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By agreement
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Partnership formed after they agree to conditions in a contract
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Nonprofit
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Type of corporation that benefits the public and receives a tax break
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LLP
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Abbreviation for a partnership with limited liability
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Silent
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Partner has no role, but is known to public
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Double
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Type of taxation on a corporation
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Limited
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Type of liability in which you only lose your initial investment in the company
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Dormant
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. Partner plays no role and is not known to public
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Articles
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. __________ of incorporation
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General
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Partner has an active role, unlimited liability
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Cooperative
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Formed by a group to gain bargaining power
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Joint
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. __________venture is a special project for a limited time
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Foreign
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U. S. corporation doing business outside the it was chartered
