Chapter 8

3. The liability of each partner resulting from any one partner's ability to legally bind the other partners.
4. A business owned by one person, who bears unlimited liability for the enterprise.
12. A legal entity formed by two or more co-owners to carry on a business for profit.
13. The advantage created by an individual's connections in a social network.
14. The governing body of a corporation, elected by the stockholders.
15. A type of corporation that offers limited liability to its owners but is taxed by the federal government as a partnership.
16. A situation in which the courts conclude that incorporation has been used to perpetuate a fraud, skirt a law, or commit some wrongful act, and thus remove liability protections from the corporate entity.
20. An ordinary corporation, taxed by the federal government as a separate legal entity.
21. A form of corporation that shields owners from liability and is set up for individuals in certain professional practices.
22. The right of stockholders to buy new shares of stock before they are offered to the public.
23. Managers and other key persons who give a company its general direction.

1. A business organization that is recognized by the law as having a separate legal existence.
2. A document that states explicitly the rights and duties of partners.
5. A powerful social rule based on an ablation to repay in kind what another has done for or provided to us.
6. Liability on the part of an owner that extends beyond the owner's investment in the business.
7. A form of corporation for enterprises established to serve civic, educational, charitable, or religious purposes but not for generation of profits.
8. An interconnected system comprising relationships with other people.
9. A partner in a limited partnership who has unlimited personal liability.
10. A group that functions like a board of directors but acts only in an advisory capacity.
11. A form of organization in which owners have limited liability but pay personal income taxes on business profits.
17. A business organization that exists as a legal entity and provides limited liability to its owners.
18. Verification of whether a nonprofit organization is staying true to its stated purpose.
19. An organizational relationship that links two or more independent business entities in a common endeavor.