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Types of Business Ownership Vocabulary

Types of Business Ownership Vocabulary. Business Law Obj. 5.01. Click Here to Start. Alien Corporation Dissolution Dividend Domestic Foreign Incorporators Liquidation Shareholder. Termination Merger Nonprofit Partnership Private Promoter Public Share.

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Types of Business Ownership Vocabulary

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  1. Types of Business Ownership Vocabulary • Business Law Obj. 5.01 Click Here to Start

  2. Alien Corporation Dissolution Dividend Domestic Foreign Incorporators Liquidation Shareholder Termination Merger Nonprofit Partnership Private Promoter Public Share Click on a word below to reveal the definition. More Vocabulary

  3. Alien • A corporation chartered in another nation doing business in the state. Back

  4. Corporation • a legal entity that is treated as an artificial person by the law. with limited liability of owners. Back

  5. Dissolution • change in the relationship of the owners that occurs when one owner stops being associated with the business. Back

  6. Dividend • profit paid through common stock to the shareholders, based on the corporation’s performance. Back

  7. Domestic • a corporation chartered in a particular state. Back

  8. Foreign • a corporation that does business in one state but is chartered in another state. Back

  9. Incorporators • signors of the Articles of Incorporation. Back

  10. Liquidation • the ending of a corporation. Back

  11. Merger • the process by which one corporation blends into another existing corporation. Back

  12. Nonprofit • a corporation organized for a social, charitable, or educational purpose. Back

  13. Partnership • two or more competent parties combine their money, labor and skills for the purpose of carrying on a lawful business. Back

  14. Private • a corporation established for business or charitable reasons. Back

  15. Promoter • person who carries out the incorporation process and is personally liable for contracts entered into before the corporation is formed. Back

  16. Public • a corporation established for governmental purpose. Back

  17. Share • certain amount of money paid for each single unit of ownership owned. Back

  18. Shareholder • a person who owns one or more shares of stock. Back

  19. Termination • ending of a partnership. Back

  20. Common Stock Dormant Partner Fictitious Name General Partnership Joint Liability Joint Venture Perpetual Life Preferred Stock Secret Partner Silent Partner Sole Proprietorship Unlimited Liability Click on a word below to reveal the definition. More Vocabulary

  21. Common Stock • basic form of corporate ownership payable to shareholders as dividends at par or no-par value. Back

  22. Dormant Partner • is one who is neither known to the public as a partner or active in management. Back

  23. Fictitious Name • proprietor uses any name but his/her own name (made-up). Back

  24. General Partnership • one which all the partners assume full personal liability for debts of the firm. Back

  25. Joint Liability • all the owners of the business must be sued together in the event of a lawsuit. Back

  26. Joint Venture • partnership in which one or more persons or firms combine their resources to complete one complex project. Back

  27. Perpetual Life • one major advantage of corporations, which means the corporation can continue indefinitely with new owners. Back

  28. Preferred Stock • a type of stock that entitles its owner to a stated dividend. Back

  29. Secret Partner • one who is not known to the public as a partner yet participates in management. Back

  30. Silent Partner • one who may be known to the public as a partner but takes no active part in management. Back

  31. Sole Proprietorship • a form of business that is owned and operated by one person. Back

  32. Unlimited Liability • business owner is responsible for all losses experienced by the business. Back

  33. Click on a word below to reveal the definition. • Articles of Incorporation • Articles of Partnership • Corporation by Estoppel • De Facto Corporation • Employer Identification Number • De Jure Corporation • Partnership by Estoppel • Partnership by Proof of Existence • Tenancy in Partnership • Uniform Partnership Act (UPA) More Vocabulary

  34. Articles of Incorporation • application form from the secretary of state’s office filed for incorporating a business. Back

  35. Articles of Partnership • a partnership agreement usually expressed (may be written or oral). Back

  36. Corporation by Estoppel • courts will not allow denial of existence of a corporation when a situation of some party’s willingness to treat a person as a corporation occurs. Back

  37. De Facto Corporation • does not exist in law but exists in fact. Back

  38. De Jure Corporation • lawfully exists after all formalities have been completed. Back

  39. Employer Identification Number • assigned by IRS for income tax purposes when employees are hired. Back

  40. Partnership by Estoppel • occurs because someone does or says something that leads a third party to believe that a co-ownership exists. Back

  41. Partnership by Proof of Existence • the way two people conduct their business together. Back

  42. Tenancy in Partnership • aco-ownership of partnership property. Back

  43. Uniform Partnership Act (UPA) • the law that governs most business associations of two or more persons. Back

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