Business Organizations & Regulations

Flashcards covering key vocabulary and concepts from the lecture notes.

Reluctant Entrepreneur

An individual who starts a business out of necessity or due to a lack of better employment options.

Corporate Refugee

An individual who leaves a corporate job to start their own business.

Social Entrepreneur

An individual who starts a business with the primary goal of addressing social or environmental problems.

Management

The art and science of motivating people toward the achievement of a goal.

Entrepreneur

One who organizes, manages, and assumes the risk of a business firm or venture

Small Firm

A small firm that generates substantial profits for the owner.

Lifestyle Business

A business that allows the owner to follow a desired pattern of living.

High Potential Venture (Gazelle)

A small firm with significant prospects for growth.

Micro Business

A business with minimal profits for the owner.

Quantitative Criteria

Quantitative standards used to determine the size of a business, often involving the number of employees or sales volume.

Qualitative Criteria

Distinctive characteristics or attributes used to assess a business, such as its impact on the industry or geographic localization.

Technician (Type of Management)

Management style characterized by independence, reluctance to delegate, and focus on technical skills.

Manager (Type of Management)

Management style focused on order, planning, delegating, and problem-solving.

Entrepreneur (Type of Management)

Management style emphasizing strategy and how the business should operate.

Civil Rights Act 1964 (Title VII)

This act prohibits general discrimination in employment. (15+ employees)

Bona Fide Occupational Qualification (BFOQ)

A defense against discrimination claims, allows employers to hire based on genuine occupational qualifications.

Competition

Trying to obtain something that is being sought by others.

Adverse employment actions

Failing to hire, firing, discrimination in pay, etc.

Age Discrimination Act 1967

Protects individuals over 40 years of age from employment discrimination.

Immigration Reform Act

Requires employers to verify job applicants' eligibility to work in the US.

FLSA (Fair Labor Standards Act)

Outlaws discriminatory practices, pay, and overtime violations.

FMLA

Provides eligible employees with up to 12 weeks of unpaid leave for family and medical reasons.

Patents

Inventions

Copyrights

Published works

Trademarks

Name or symbol

Zoning ordinances

Formal code of land use policies.

Sole Proprietorship

Ownership structure where the owner pays taxes on profits.

Partnership

Ownership structure where the partners pay taxes on profits; requires dissolution

Corporation

Created by statute and owned by stockholders

General Partner

Actively an openly engaged in business

Limited Partner

liability for the firm's debts is limited to the amount of their investment

Silent Partner

Takes no active part in management, but has capital investment

Secret Partner

Active but unknown to the public

S-Corp

Offers limited liability to its owners but is taxed by the federal government as a partnership.

C-Corp

Taxed by federal gov’t as a separate legal entity

Public Corporation

carry out government functions (educational, hospital, municipalities)

Private Corporation

non-governmental function (for profit, non-profit)

Publicly Traded

Outstanding shares of stock are traded on a stock exchange platform freely

Closely-held

Outstanding shares are held by a limited number of stockholders

Promoter

Assembles the plan, materials, and personnel for a new business enterprise

Articles of Organization

app to form an LLC

Operating Agreement

by-laws of the LLC

When was OSHA formed?

1970