Business Ethics & Law 1 Unit 4 Vocabulary

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Across
  1. 5. A business structure where two or more individuals share ownership, responsibilities, and profits.
  2. 6. The financial gain obtained when revenue exceeds expenses in a business operation.
  3. 7. Has one general partner who is fully responsible for the business and then another partner/s who are passive and do not participate in day-to-day functions of running the business, but they have invested in the business.
  4. 9. Rules and regulations that govern the internal management of an organization or corporation.
  5. 10. Amounts of money that are owed to creditors or lenders.
  6. 11. A business structure that offers personal liability protection to its owners while allowing flexibility in taxation and management.
  7. 13. A formal document that outlines the rights and responsibilities of each party involved in a partnership or business arrangement.
  8. 15. Partners are only liable for their investment in the partnership.
  9. 16. Legal documents filed with the state to establish the existence of a corporation.
  10. 17. The legal responsibility for debts and obligations incurred by a business.
  11. 18. A unique number assigned by the IRS to businesses for tax purposes.
Down
  1. 1. A business owned and operated by one individual, who is responsible for all aspects of the business.
  2. 2. Where both partners are active in the business and share the workload. Most basic form of partnership.
  3. 3. A status granted to non-profit organizations that allows them to be exempt from certain taxes, typically for the purpose of furthering their mission.
  4. 4. A business model where a franchisee is granted the rights to operate a business under the franchiser's brand and business model, often involving a contractual agreement.
  5. 8. An individual or business designated to receive legal documents on behalf of a corporation or LLC.
  6. 12. An organization created for purposes other than making a profit, typically focused on charitable, educational, or public benefit activities.
  7. 14. A legal entity that is separate from its owners, providing limited liability protection to shareholders and allowing the business to exist independently of its owners.