Goods – can be physically weighed or measured
Services – tasks that people or machines perform
Producer – a business that gathers raw products in their natural state
Processor – changes raw materials into more finished products
Manufacturers – businesses that make finished products out of processed goods
Intermediary – business that moves goods from one business to another
wholesaler – distributes goods
retailer – purchases goods from a wholesaler and resells them to the consumer
sole proprietorship – a business owned by only one person
unlimited liability – full responsibility for your company’s debts
partnership – a business owned by two or more persons who share the risks and rewards
corporation – a business owned by many people but treated by law as one person
stock – shares of ownership in your corporation
Limited liability – if the company looses money then the stockholders lose only what they invested