Business Ownership and Registration

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Business Ownership

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individual or groups which own a business and its legal entities

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Legal Entity

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law allowing a group to conduct business as a single unit

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Sole Proprietorship

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business owned and operated by one individual

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Partnership

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legal agreement between two or more people for business responsibility

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General Partnership

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partners share equal liability in profits and losses

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Limited Partnership

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partners have unequal share and liability, responsible only for their investment

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Corporation

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separate legal entity with a governing board

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Separate Legal Entity

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business with its own rights, privileges, and liabilities distinct from members

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Franchise

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right to sell a company’s product or service at a location

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Franchisor

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business leasing its trade name and operating system