Nonprofit organization that promotes the interests of a particular industryĮxample: the American Marketing AssociationĪll nonmilitary people who are employed or unemployed Nonprofit organization that promotes collective business interests for a city, state, or other geographical area, or for a group of smaller businesses Nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupationsĮxample: the National Education Association Institution that functions much like a business, but does not operate for the purpose of generating profits Large corporation that produces and sells its goods and services throughout the worldĪ semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given areaĮxample: Fees a McDonald's in Chanhassen has to pay to the headquarters.Ī business organization owned and operated by a group of individuals for their mutual benefitĬooperative that provides a service, rather than a goodĪgricultural marketing cooperative that helps members sell their products The combination of two or more firms involved in different stages of producing the same good or serviceĮxample: If an automaker company bought the steel company that they got supplies from.īusiness combination merging more than three businesses that make unrelated productsĮxample: if an automaker company, a refrigerator company, and a TV company all merged together. The combination of two or more firms competing in the same market with the same good or serviceĮxample: If two giant automakers merged to form one company. The portion of corporate profits paid out to stockholders License to form a corporation issued by state government Money and other valuables belonging to an individual or businessĪ legal entity owned by individual stockholdersĪ certificate of ownership in a corporationĬorporation that issues stock to only a few people, often family membersĮxample: Family members opening a companyĪ corporation owned by non-governmental organizations or by a relatively small number of shareholdersĮxample: That company in Minnesota that you used as an example in class where the workers get shares of the company.Ĭorporation that sells stock on the open marketĪ formal contract to repay borrowed money with interests at fixed intervalsĮxample: Savings bonds that you can redeem when your 18 Partnership in which all partners in which all partners are limited partnersĮxample: Many states allow professionals such as attorneys to register as this type.Įxample: An article that talks about details such as the ways new partners can join the firmĪct ordering common ownership interests, profits and loss sharing, and shared management responsibilities in a partnership.Įxample: State laws adopted to establish rules for partnerships Partnership in which only one partner is required to be a general partnerĮxample: one partner only provides money while the other has unlimited personal liability. Partnership in which partners share equally in both responsibility and liabilityĮxample: Doctors often form these with colleagues The legally bound obligation to pay debtsĮxample: being responsible for all their business debts.ĭefinition: A business organization owned by two or more persons who agree on a specific division of responsibilities and profitsĪdvantages: ease of start-up, shared decision making and specialization, larger pool of capital, taxationĭisadvantages: Unlimited liability, potential for conflict Law in a city or town that designates separate areas for residency and for businessĮxample: neighborhoods don't want businesses next door to them An establishment formed to carry on commercial enterpriseĭefinition: a business owned and managed by a single individualĪdvantages: ease of start up, relatively few regulations, sole receiver of profit, full control, easy to discontinueĭisadvantages: Unlimited personal liability, limited access to resources, lack of permanence,Īuthorization to start a business issued by the local government
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