Business Ownership

5. A corporation which is much like a partnership and limits the liability of the owners
6. a separate legal entity formed by documents filed with your state. Owned by one or more shareholders and managed by a board of directors
8. a written legal document that defines ownership and operating procedures and conditions for the business
10. a written agreement among all owners of a partnership
12. is formed by a group of people who cooperate to provide goods and services that they all need. It is owned by the members.
13. a written contract granting permission to operate a business to sell products and services in a set way.

1. A corporation which passes all income through to the owners based on their investment and is taxed on their individual tax returns.
2. a unique business organization by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.
3. a partnership in which some investors cannot lose more than the amount of their investment, but are not allowed to participate in the day-to-day management of the business.
4. a business owned and controlled by two or more people who have entered into a written agreement.
7. the people who will make the major policy and financial decisions for a corporation
9. a group of people who join to do some activity that benefits the public.
11. a business owned and run by just one person. It is the most common form of business ownership