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Cards In This Set
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Business owend and run by one person
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Sole proprietorship
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Owner is personally and fully responsible for all loses and debts of the business
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Unlimited liability
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Stock of finished goods and parts in reserve to statisfy customers or to keep production flowing smoothly
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Inventory
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Firm legally ceases to exist when the owner dies, quits, or sells business
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Limited life
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Business jointly owned by 2 or more people
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Partnership
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All partners responsible for management and financial obligations
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General partnership
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At least one partner isn't active in daily running of business
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Limited partnership
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Court granted permission to individual or business to cease or delay debt payments
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Bankruptcy
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Form of business organization recognized by law as a seperate legal entity having all the rights of an individual
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Corporation
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Form of corporation that must file for permission from state or nat'l government
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Incorporate
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Government document that gives permission to create a corporation
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Charter
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Ownership certificates in the firm
money used to set up a corporation
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Stock
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Investors or shareholders who buy stock
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Stockholder
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Check representing a portion of the corporate earnings that is given tto a stockholder
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Dividend
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Written promise to repay the amount borrowed at a later date with interest at fixed intervals
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Bond
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