Business Organizations

1. a governing body that is elected by the shareholders
4. Personal assets of the business owner(s) are not protected from business debts
7. Taxation at the corporate level and again at the shareholder level
8. a company treated under the law as a single body with its own powers, separate from its owners
11. a percentage of earnings, to the parent company
12. form of business in which all co-owners have unlimited liability for any business debts
14. details the company's objectives, structure, and planned operations
19. refers to the legal responsibility for debts and obligations of the business
20. the highest-ranking person in charge of managing a corporation
21. a parent company grants a license to operate an outlet in return for an initial payment and ongoing fees
22. someone from within the firm, such as the company's founder or a senior-level manager
23. limited partners are also known as
24. responsible for supervising the day-to-day activities of the firm's workers
25. Local governments often designate certain areas, or zones, for specific business purposes.
27. contribute financial capital but leave day-to-day business operations to the general partners
28. owners of a partnership and active in operations
29. rules that govern the management of the corporation

2. someone from outside the firm who can provide an independent perspective
3. Protects the personal assets of the business owner(s) from business debts and some legal obligations
5. senior executives who oversee specific areas of the business
6. offers stock for sale to the general public and has many shareholders
9. a parent company grants to an independent business owner the exclusive right to use its trade name and sell its products in a designated location
10. The business owner who buys the license and distributes the franchiser's products
13. has at least one general partner and one or more limited partners
15. a business owned by two or more co-owners.
16. the owner of the business earns all the profits and is responsible for all the debts.
17. company the proprietor's liability is limited to whatever they have invested in the company
18. a legal document that certifies ownership of a specific number of shares in the corporation
26. a legal document that allows a business to operate in that state, city, or town.