Business Concepts Flashcard

Front

What is the definition of "Bylaws" in a business context?

Back

Rules and regulations enacted by an organization to govern its internal affairs.

Front

Which term describes a form of co-ownership where tenants hold an equal share of the property with the right of survivorship?

Back

Joint Tenancy

Front

What is an Informal Partnership?

Back

A cooperative owned by community members to provide essential services.

Front

Which term refers to a legal arrangement where one party holds property for the benefit of another?

Back

Trust

Front

What is the role of a Board of Directors in a business organization?

Back

To manage the business and be personally liable for its debts.

Front

What is a Limited Partnership?

Back

A business structure that provides limited liability protection to its members and allows operational flexibility similar to a partnership.

Front

What is the process of legally declaring a corporate entity as separate from its owners?

Back

Incorporation

Front

Who is a Shareholder?

Back

An individual or entity that owns shares in a corporation, giving them a stake in the company’s assets and profits.

Front

What is a Community Cooperative?

Back

An organization owned and operated by a group of farmers to collectively market products, purchase supplies, or provide services.

Front

What is the primary characteristic of a sole proprietorship?

Back

Unlimited personal liability