Term
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Definition
| a business that is owned, and usually managed, by one person. |
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Definition
| a legal form of business with two or more owners |
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Term
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Definition
| a legal entity with authority to act and have liability separate from its owners. |
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Definition
| the responsibility of business owners for all of the debts of the business. |
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Definition
| a partnership in which all owners share in operating the business and in assuming liability for the business's debts. |
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Term
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Definition
| a partnership with one or more general partners and one or more limited partners. |
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Term
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Definition
| an owner (partner) who has unlimited liability and is active in managing the firm. |
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Term
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Definition
| an owner who invests money but does not have any management responsibility or liability for losses beyond the investment. |
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Term
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Definition
| the responsibility of a business's owners for losses only up to the amount they invest. |
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Term
| master limited partnership (MLP) |
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Definition
| a partnership that 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 the corporate income tax. |
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Term
| limited liability partnership (LLP) |
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Definition
| a partnership 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. |
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Term
| conventional (C) corporation |
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Definition
| a state-chartered legal entity with authority to act nd have liability separate from its owners. |
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Term
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Definition
| A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships. |
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Term
| limited liability company (LLC) |
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Definition
| a company similar to an S corporation but without the special eligibility requirements. |
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Term
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Definition
| the result of two firms forming one company. |
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Term
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Definition
| one company's purchase of the property and obligations of another company. |
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Term
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Definition
| the joining of two companies involved in different stages of related businesses. |
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Term
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Definition
| the joining of two firms in the same industry. |
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Term
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Definition
| the joining of firms in completely unrelated industries. |
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Term
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Definition
| an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing. |
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Term
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Definition
| an arragnement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory. |
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Term
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Definition
| a company that develops a product concept and sells others the rights to make and sell the products. |
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Term
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Definition
| the right to use a specific business's name and sell its products or services in a given territory. |
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Term
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Definition
| a person who buys a franchise. |
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Term
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Definition
| a business owned and controlled by the people who use it--producers, consumers, or workers with similar needs who pool their resources for mutual gain. |
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Term
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Definition
| the reporting structure and division of labor in an organization. |
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Term
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Definition
| an aspect of the organization's internal environment created by job specialization and the division of labor. |
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Term
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Definition
| the degree to which differentiated work units work together and coordinate their efforts. |
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Term
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Definition
| the assignment of different tasks to different people or groups. |
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Term
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Definition
| a process in which different individuals and units perform different tasks. |
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Term
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Definition
| the procedures that link the various parts of an organization for the purpose of achieving the organization's overall mission. |
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Term
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Definition
| the role of a corporation's executive staff and board of directors in ensuring that the firm's activities meet the goals of the firm's shareholders. |
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Term
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Definition
| the legitimate right to make decisions and to tell other people what to do . |
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Term
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Definition
| the authority levels of the organizational pyramid. |
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Term
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Definition
| subdivisions of an organization |
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Term
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Definition
| the number of subordinates who report directly to an executive or supervisor. |
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Term
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Definition
| the assignment of new or additional responsibilities to a subordinate. |
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Term
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Definition
| the assignment of a task that an employee is supposed to carry out. |
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Term
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Definition
| the expectation that employees will perform a job, take corrective action when necessary, and report upward on the status and quality of their performance. |
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Term
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Definition
| an organization in which high-level executives make most decisions and pass them down to lower levels for implementation. |
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Term
| decentralized organization |
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Definition
| an organization in which lower-level managers make important decisions. |
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Term
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Definition
| units that deal directly with the organization's primary goods and services. |
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Term
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Definition
| units that support line departments. |
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Term
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Definition
| subdividing an organization into smaller subunits. |
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Term
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Definition
| departmentalization around specialized activities such as production, marketing, and human resources. |
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Term
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Definition
| sequence of activities that flow from raw materials to the delivery of a product or service. |
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Term
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Definition
| departmentalization that groups units around products, customers, or geographic regions. |
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Term
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Definition
| an organization composed of dual reporting relationships in which some managers report to two superiors--a functional manager and a divisional manager. |
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Term
| unity-of-command principle |
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Definition
| a structure in which each worker reports to one boss, who in turn reports to one boss. |
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Term
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Definition
| establishing common rules and procedures that apply uniformly to everyone. |
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Term
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Definition
| interdependent units are required to meet deadlines and objectives that contribute to a common goal. |
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Term
| coordination by mutual adjustment |
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Definition
| units interact with one another to make accommodations in order to achieve flexible coordination. |
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