Business Terminology

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Sole Proprietor

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A business owned and run by one person.

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Partnership

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A business owned by two or more people who share profits and responsibilities.

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Corporation

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A big business owned by many people called shareholders, with legal rights separate from the owners.

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Franchise

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A business that uses the name and ideas of an established company.

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Liability

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Being responsible for debts or problems in a business.

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Shareholders

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People who own parts (shares) of a corporation.

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Franchisee

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The person or group who buys the right to open and run a franchise.

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Franchisor

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The company that lets others use its name and system in a franchise.

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Profit

Back

The money a business makes after paying all its costs.

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Risk

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The chance of losing money or facing problems in business.