MGT $101$

Learning the Language

Chapter $5$

Name

joins two firms in the same industry.

A legal form of business with two or more owners is a

$3$

is an arrangement whereby someone with a good idea for a business

sells the rights to use the business name and to sell a product or service to others in a given

territory.

In a$($n$)$

one company purchases the property and

obligations of another company.

Limited partners and shareholders have

because

they are only responsible for the losses of a business up to the amount they invest.

This unique government creation called a$($n$)$

looks like a

corporation but is taxed like sole proprietorships and partnerships.

$7$ s a company that develops a product concept

and sells others the rights to make and sell the products.

A business proposition that joins firms in completely unrelated industries is called a$($n$)$

An agreement such as $a(n)$

is a partnership with

one or more general partners and one or more limited partners.

$10$

looks much like a corporation in that it acts like a

corporation and is traded on a stock exchange but is taxed like a partnership and thus avoids

corporate income tax.

A legal entity with authority to act, $a(n)$

has liability

separate from its owners.

The result of two firms forming one company is a

$13$

is a person who buys a franchise.

A partner is called a

when she has invested money in

a business but does not have any management responsibility or liability for losses beyond the

investment.

A company that is similar to an $S$ corporation, but without the special eligibility requirement

is called a

A partner who has unlimited liability is called

and is active in managing the firm.

$17.$

a business that is owned and controlled by the people

who use it $-$producers, consumers or workers with similar needs who pool their resources for

mutual gain.

A partnership is called $a(n)$

when all owners

share in operating the business anu in assuming Hability for the business's debts.

An attempt by employees, management, or a group of investors to purchase an organization

primarily through borrowing is called $a(n)$

An attempt by employees, management, or a group of investors to purchase an organization

primarily through borrowing is called a$($n$)$

is the right to use a business name

and to sell a product or service in a given territory.

In the business venture known as a$($n$)$

two

companies which are involved in different stages of related businesses join together.

A business that is owned, and usually managed, by one person is a

The concept of

means that business owners

are responsible for all of the debts of a business.

$24.$

is one that limits partners' risk of losing their

personal assets to only their own acts and omissions and to the acts and omissions of people

under their supervision.

A state$-$chartered legal entity with authority to act and have liability separate from its owners

is known as a

$.$