Business Ownership individual or groups which own a business and its legal entities Legal Entity law which allows a group of people to conduct business as a single unit, for example a group ownership Sole Proprietorship business owned and operated by one individual Partnership legal agreement between two or more people to be responsible for a business General Partnership partners share equal liability in the profits and losses of the business Limited Partnership partners have an unequal share and liability in the business; they are responsible only for the amount they invested Corporation separate legal entity which forms a board to act as governing bodies Separate Legal Entity business which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members Franchise right or license to sell a company’s product or service at a designated location Franchisor business which leases its trade name and operating system to another person Franchisee person or persons who pay fees to a company to operate a business under the franchisor’s trade name Capital wealth in the form of money or property; used in a business by a person, partnership or corporation Mentor someone who has business experience and will aid in guiding a company to success

Business Ownership Vocabulary

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