Business Org

2. A formal contract to repay borrowed money
7. A business owned and managed by a single person
8. Products available in the marketplace
10. Ownership in a corporation
12. The combination of two or more firms involved in different stages of producing the same good or service
14. An establishment formed to carry on commercial enterprise
16. A business owned and managed by two or more, specialization
18. One partner is the general partner and the other is usually "silent", only providing money
20. The combination of two or more firms competing the same market with the same good or service
22. means that one's personal assets can be seized to pay business debts.
23. A semi-independent business that pays fees to a parent company in exchange for the right to sell the product

1. Everyone can compete in the marketplace
3. Refers to the entity responsible for the day-to-day operating decisions of the business.
4. Legally bound to pay debts
5. Institution that functions like a business, but does not generate profit
6. the owners of the corporation cannot lose more than what they paid for their stock if the corporation fails.
9. the death of an owner ends the business and it must be reestablished in the new owner's name(s).
11. Happens to a corporation when the company is taxed on its profits and then the shareholders are taxed again on the dividends they earn from the company.
13. Makes decisions about Land, Labor and Capital to create a good or service
15. A legal entity made up of stockholders
17. Corporate profits paid to stockholders
19. Combines productive resources to make final goods and services to sell for profit
21. Anything of value belonging to you