Module 4 Flashcards
Corporation
A company or group of people authorized to act as a single entity and recognized as such in law.
Cooperative
A business, or other organization that is owned and run jointly by its members, who are the profits or benefits.
Vertical merger
A merger between two companies that operate at separate stages of the production process for a specific finished product.
Not-for-profit corporation
A special type of corporation that has been organized to meet specific tax exempt purposes.
Franchise
The right or license granted by a group to market its products or services in a specific territory.
Partnership
An association of persons jointed as partners in business.
LLC
Limited Liability Company
LLP
Lower Layer Protocol
S-corporation
A closely held corporation that makes a valid election to be taxed under subchapter S of Chapter 1 of the Internal Revenue Code
Horizontal merger
A merger of business consolidation that occurs between firms that operates in the same space
Conglomerate merger
A merger between firms that are involved in totally unrelated business activities.
Unlimited liability
Legal obligations general partners and sole proprietors because they are liable for all business debts if the business can’t pay its liabilities
Sole proprietorship
The simplest business form under which one can operate a business
Hostile takeover
The acquisition of one company by another that is accomplished by going directly to the company’s shareholders or fighting to replace management to get the acquisition approved.
