Entrepreneurship 1

5. Each partner shares in the profits and losses of the business
6. Financial liability is not limited to the investment in the business, but extends to your total ability to make payments
8. The people who own the corporation with limited liability
9. People who organize, manage, and take the risk of owning and operating a business
12. A business owned and operated by one person

1. Financial liability is restricted to the investment in the business, does not extend to your personal assets
2. The money needed to start and operate a business
3. A legal agreement between two or more people to be jointly responsible for the success or failure of a business
4. Each partner is liable for any debts only up to the amount of his or her investment in the company
7. The process of starting and managing your own business
10. A projection of how much money you will need in your first year of operating a business
11. A grant or right to sell a parent company's product or service within a given area or territory