ch 2 -key terms

4. Raising money using the owner’s resources or money from investors
5. An agreement between businesses to commit resources to achieve a common set of objectives
6. Borrowing money to finance operations of the business
7. A business with two or more owners who share the responsibilities and profits/losses
10. A business operating in or involving several nations. Also known as a transnational
13. An organization, often a charitable organization, that does not seek to make a profit from the operations of the business
14. A business that buys goods and resells them to consumers
18. A business owned by members who utilize the goods and services offered
20. A business owned and operated by the provincial or federal government
21. The part of a corporation’s profit after taxes that each shareholder receives
22. A unit of ownership in a corporation A business owned by, but existing separately from, its shareholders
23. A business owned by, but existing separately from, its shareholders
25. A person who owns shares in a corporation; also called a stockholder
26. A business directly owned by one person who receives all profits and is responsible for all liabilities
27. A business project that matches the skills of two individuals or businesses for mutual benefit
28. A person who runs a franchise operation and is under contract, or licensing agreement, with the franchiser
29. A business that produces goods for sale

1. A process whereby one company combines with or takes over the ownership of one or more other companies
2. Responsibility for claims against the business that goes beyond the amount invested in the business and extends to one’s personal assets
3. A restriction on the extent to which the shareholders (owners) of a corporation are personally responsible for its debts, limiting their liability to the amount they originally invested
8. The parent company who grants the franchise and provides goods and/or services to the franchises
9. The most common form of partnership, in which the partners share in responsibility, decision making, and profits. However, the partners have unlimited liability for the debts of the business
11. A corporation owned by a small number of shareholders
12. A group of individuals who run a corporation or co-operative and make decisions on behalf of the shareholders
15. A partnership in which the liability of each partner is limited to the amount of his or her investment
16. A corporation with many shareholders, whose shares can be bought and sold on a stock exchange
17. The formal name for a city or town
19. The legal document that establishes a partnership and each partner’s responsibilities
22. A unit of ownership in a corporation
24. A business that provides a service to satisfy the needs or wants of consumers