the ownership structure of a company or firm
business organization
In which business organization does the owner have all the responsibility?Sole Proprietorship
This is someone who starts their own business.

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These are laws in a city that designate certain areas to be for residential and others for business.Zoning Laws
What happens to a sole proprietorship if the owner passes away and no one is left to take over?It fails and goes under
What are business organizations owned by two or more people?partnerships
This type of partnership is where all partners share financial responsibility equally.General Partnership
This partnership is where only one person has full financial responsibility and the other partners only invest their money.Limited Partnership
In a limited partnership how many people in the partnership have unlimited personal liability?One-the general partner
What are the advantages of a partnership?Easy start up, Financial Impact, Shared Decision Making
What must all partnerships have that spells out the guidelines and rules for the firm or company?Articles of Partnership
What are the disadvantages of a partnership?unlimited liability, personal conflict, lack of performance
This is a semi-independent company that pays royalties to a parent companyFranchise
: a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm’s debtscorporation
This is a certificate of ownership in a corporationStock
Type of corporation that offers stock to only a few member, aka: family.

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Closed corporation
Corporation that sells stock on the open marketPublic Corporation
What are the advantages of stockholders?Limited liability, Provide Flexibility
a formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervalsbond
This is a license to form a corporation issued by the state governmentcertificate of incorporation
: the portion of corporate profits paid out to stockholdersdividend
a type of business with limited liability for the owners, with the advantage of not paying corporateLimited liability corporation
This is the combination of two firms competing in the same market with the same good or servicehorizontal merger
This is two or more firms involved in different stages of producing the same good or service.Vertical Merger
a business combination merging more than three businesses that produce unrelated products or servicesConglomerate
a large corporation that produces and sells its goods and services in more than one countryMultinational corporation
A business organization owned and operated by a group of individuals for their shared benefitcooperative organizations
What is a benefit of a cooperative organization?They don't have to pay taxes
Retail outlet owned and operated by consumers that sells merchandise to members at reduced pricesconsumer co-ops
What is an example of a service co-op?Credit Unions
Agricultural marketing to help members sell their productsProducer Co-ops
What does a producer co-op allow farmers to do?farm rather than sell
Operates like a business but does not work for the purpose of generating profitNon-Profit Organization
What are non-profit organizations exempt from?Income Tax
What are examples of non-profit organizationsProfessional organizations, Business and trade associations, labor unions