What is a sole proprietorship?
Created by one owner. No seperate legal entity.
What is a business partnership?
Owned by multiple owners. Owners split liability and profits.
What is a corporation?
Split into stocks that are owned by shareholders and power is given to executives. Separate legal entities from owners.
What is a franchise?
Owned by franchiser and specific locations owned by franchisees. Helps to expand the business to more locations faster.
What is a merge?
Companies joining together to expand business.
What is a horizontal merger?
Producers who produce the same product coming together grow the business larger.
What is a vertical merger?
Created by one owner. No seperate legal entity.
What is a conglomerate?
A corporation made up of several independent companies that all operate separately.