Chapter 3 - Vocabulary 2

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Across
  1. 5. a business that operates and pays taxes as a partnership but has limited liability for the owners
  2. 9. to make
  3. 12. where an exchange takes place between buyers and sellers
  4. 14. a number assigned by the IRS that is used for income tax purposes
  5. 15. people who buy shares of stock and are therefore the legal owner of the corporation
Down
  1. 1. a contractual agreement to sell a company’s products or services in a designated geographic area
  2. 2. the application to operate as a corporation
  3. 3. the owner of a business is responsible to pay the business debts out of personal assets
  4. 4. a written document that states how a partnership will be organized
  5. 6. a group of individuals who are responsible for overseeing the general affairs of a corporation
  6. 7. a business partner who has decision-making authority, takes an active role in running the business, and has unlimited liability
  7. 8. rules by which a corporation will operate
  8. 10. to choose
  9. 11. an organization that is owned and operated by its members
  10. 13. a business organization that operates as a legal entity, is separate from its owners, and is an individual person