Organizing and Financing a New Venture

These flashcards cover key vocabulary and concepts related to the organization and financing of a babysitting cooperative and the formation of a consulting practice.

Babysitting Cooperative

A community organization where parents exchange babysitting services instead of using cash.

Barter Exchange

A system where goods or services are exchanged directly for other goods or services without using money.

Liability

Legal responsibility for one's actions or the actions of others, which can include financial restitution.

Intellectual Property

Creations of the mind, such as inventions, literary and artistic works, and symbols, names, and images used in commerce.

Consulting Practice

A service offered by professionals who provide expert advice in a specific field, such as business organization.

Poker Chips as Currency

Non-monetary tokens used in the cooperative to record babysitting services exchanged.

Taxation Shield

Legal strategies used to protect transactions from taxation or to reduce tax liabilities.

Organizational Structure

The way in which the roles, power, relationships, and responsibilities are organized within an organization.

Copyright

A form of protection given to the creators of original works, providing them the exclusive right to use their creations.

Nontax Differences

Variations between operations or financial transactions that do not involve tax implications.