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Glossary of BMT chapter 6 2

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Sole Proprietorship
A buisness owned by one person
Partnership
a buisness owned and mamaged by a small group, often not more then 2 or 3 people.
Corperation
a buisness owned by a number of people and operated under written permission from the state it is located in.
Certificate of incorperation
the written permission for a corperation
Shareholders
People that buy stock from the company and become part owner of it.
Managing a successful buisness
Planning, organizing, staffing, leading, controlling.
Board of directors
a group of people with responsibilityto guide the operations of a corperation.
Dividend
the part of the prophet that each shareholder receives
Franchise
a written contract granting permission to sell someone elses product or service in a prescribed manner, over a certian period of time, and in a specified territory
Franchisee
a group of people that receive a franchise from a parent company to sell its products or services.
Franchisor
The parent of the company who grants the franchises.
Cooperative
owned by the members is serves and is mannagedint their interest.
Municipal Corperation
has its own officals, its own schools, its own police, its own fire department, and provides street repairs, street lighting, and other services for its citizens.

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