Business Organizations

A business owned by one person

partnership in which partners share equally in both responsibility and liability

a type of partnership in which all partners are limited partners

A business owned by stockholders who share in its profits but are not personally responsible for its debts

situation in which a firm ceases to exist when an owner dies, quits, or sells the business

If the owner dies or sells his share of the business, the company is typically unaffected and continues to operate; it is an advantage of the corporation

A form of business ownership in which the owners are liable only up to the amount of their individual investments.

The owner is personally and fully responsible for all losses and debts of the business

a corporation pays income taxes on its earnings, and when dividends are distributed to stockholders, the stockholders pay taxes a second time on the corporate dividends they receive

A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area

A group of diverse companies under common ownership and run as a single organization.

combination of two or more firms producing the same kind of product

two or more firms involved in different stages of producing the same good or service

a large business that operates in many countries