Business Ownership

business which is granted a charter establishing its own rights, privileges and liabilities distinct from those of its members

• Legal Entity

• General Partnership

• Sole Proprietorship

• Separate Legal Entity

someone who has business experience and will aid in guiding a company to success

• Mentor

• General Partnership

• Corporation

• Franchisor

wealth in the form of money or property; used in a business by a person, partnership or corporation

• Partnership

• Capital

• General Partnership

• Corporation

person or persons who pay fees to a company to operate a business under the franchisor’s trade name

• Limited Partnership

• General Partnership

• Franchisee

• Franchisor

business which leases its trade name and operating system to another person

• Franchisor

• Legal Entity

• Sole Proprietorship

• Limited Partnership

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

• Franchisee

• Sole Proprietorship

• Legal Entity

• Franchise

separate legal entity which forms a board to act as governing bodies

• Business Ownership

• Corporation

• Separate Legal Entity

• General Partnership

partners have an unequal share and liability in the business; they are responsible only for the amount they invested

• Partnership

• General Partnership

• Separate Legal Entity

• Limited Partnership

partners share equal liability in the profits and losses of the business

• Partnership

• General Partnership

• Legal Entity

• Sole Proprietorship

legal agreement between two or more people to be responsible for a business

• Business Ownership

• Sole Proprietorship

• Legal Entity

• Partnership