Words of the Week
Please help students complete their vocabulary notebooks using the following words and definitions. They will be tested on Friday.
- sole proprietorship: the simplest form of business where the owner is responsible for his or her debts and liabilities
- business partnership: a business operated by two or more people who share management and profits
- limited liability company (LLC): a business where the owners are not personally responsible for the company’s debts or liabilities
- corporation: a company or group of people that act as one business
- C corporation: a legal structure where the owners are taxed separately from the business (BONUS)
- S corporation: a corporation that must meet certain tax requirement (BONUS)
- private company: a company that is owned privately and stocks are owned and traded privately
- public company: a company whose shares are traded freely in the public (on the stock exchange)
- franchise: a business that holds all the rights for that business. Example: A person could own a Coldstone Icecream franchise and use its logo and name.
- non-profit organization: a business that has the purpose of helping people or causes. It does not pay taxes.