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Questions and Answers
What is a business organization?
What is a business organization?
An establishment formed to carry on commercial enterprise.
What defines a sole proprietorship?
What defines a sole proprietorship?
A business owned and managed by a single individual.
What is a business license?
What is a business license?
Authorization to start a business issued by the local government.
What are zoning laws?
What are zoning laws?
What does liability refer to in a business context?
What does liability refer to in a business context?
What is a fringe benefit?
What is a fringe benefit?
Define a partnership.
Define a partnership.
What is a general partnership?
What is a general partnership?
Define a limited partnership.
Define a limited partnership.
What is a limited liability partnership (LLP)?
What is a limited liability partnership (LLP)?
What are articles of partnership?
What are articles of partnership?
What is the Uniform Partnership Act (UPA)?
What is the Uniform Partnership Act (UPA)?
Define assets in a business context.
Define assets in a business context.
What is a corporation?
What is a corporation?
What does stock represent?
What does stock represent?
What is a closely held corporation?
What is a closely held corporation?
Define a publicly held corporation.
Define a publicly held corporation.
What is a bond?
What is a bond?
What is a certificate of incorporation?
What is a certificate of incorporation?
Define a dividend.
Define a dividend.
What is a horizontal merger?
What is a horizontal merger?
Define a vertical merger.
Define a vertical merger.
What is a conglomerate?
What is a conglomerate?
Define a multinational corporation (MNC).
Define a multinational corporation (MNC).
What is a business franchise?
What is a business franchise?
Define a royalty.
Define a royalty.
What is a cooperative?
What is a cooperative?
Define a consumer cooperative.
Define a consumer cooperative.
What is a service cooperative?
What is a service cooperative?
Define a producer cooperative.
Define a producer cooperative.
What is a nonprofit cooperative?
What is a nonprofit cooperative?
Define a professional organization.
Define a professional organization.
What is a business association?
What is a business association?
Define a trade association.
Define a trade association.
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Study Notes
Business Organizations
- Establishments formed to conduct commercial enterprises.
Sole Proprietorship
- A business owned and managed by a single individual, allowing full control and profit retention.
Business License
- Authorization issued by local government to start and operate a business.
Zoning Law
- Regulations that allocate specific areas for residential or business use within cities or towns.
Liability
- Legal obligations to pay off debts incurred by the business.
Fringe Benefit
- Additional benefits provided to employees beyond wages, such as health insurance, paid leave, and retirement plans.
Partnership
- A business arrangement owned by two or more individuals sharing responsibilities and profits.
General Partnership
- Partners equally share responsibility and liability for business debts.
Limited Partnership
- Structure where at least one partner has unlimited liability, while others have limited roles.
Limited Liability Partnership (LLP)
- All partners have limited liability, protecting them from debts and liabilities of other partners.
Articles of Partnership
- Formal agreement documenting the terms and conditions of a partnership.
Uniform Partnership Act (UPA)
- Legislation that standardizes the rules governing partnerships, including management and profit sharing.
Assets
- Financial resources and valuables owned by an individual or business.
Corporation
- A legal entity distinct from its owners, represented through individual stockholders.
Stock
- A certificate representing ownership in a corporation.
Closely Held Corporation
- A corporation that limits stock issuance to a small group, often family members.
Publicly Held Corporation
- A corporation that sells its stock to the public on the open market.
Bond
- A financial instrument representing a loan made by an investor to a borrower, with a commitment to repay with interest.
Certificate of Incorporation
- A state-issued license granting permission to establish a corporation.
Dividend
- A portion of a corporation's profits distributed to its stockholders.
Horizontal Merger
- The merger of two or more companies that offer similar products or services within the same market.
Vertical Merger
- A merger between companies in different stages of production for the same product or service.
Conglomerate
- A business formed by merging more than three companies that produce unrelated products.
Multinational Corporation (MNC)
- A large corporation that operates and sells its products globally.
Business Franchise
- A semi-independent business model where an operator pays fees to a parent company for the right to sell their products/services in a specific area.
Royalty
- Payment made as a share of earnings to an entity for the use of their property or service.
Cooperative
- A business organization that is owned and operated collectively by a group for mutual benefit.
Consumer Cooperative
- A retail outlet owned by the consumers who use its services/products.
Service Cooperative
- A cooperative organization that provides services rather than tangible goods.
Producer Cooperative
- An agricultural marketing cooperative assisting members in selling their products.
Nonprofit Cooperative
- Functions similarly to a business but does not aim to generate profit.
Professional Organization
- Nonprofit group focused on enhancing working conditions and improving professional skills in specific occupations.
Business Association
- Nonprofit entity that fosters collective interests of businesses in a geographic area.
Trade Association
- Nonprofit organization advocating for the interests of a specific industry.
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