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Business Glossary

Joint Venture
Two or more businesses agree to enter into a business agreement (i.e. venture.)  The terms of this agreement are incorporated into a joint venture agreement, including costs, profits, management, and benefits of the new venture.

Limited Liability
Limited liability refers to a business situation wherein owners, partners or members’ liability is limited to the value of their interest in the company.  In other words, so long as certain requirements regarding the company are met, the personal assets are protected from business debts. 

A partnership consists of two or more individuals, organizations, or businesses joining together to conduct business.

A contract is an enforceable agreement for consideration between two or more individuals, organizations or businesses. 

“DBA” stands for the phrase “doing business as” when using a fictitious business name. 

General Partnership
In a general partnership, all partners are, in some form, involved in the control and management of the business.  All partners are personally liable for business losses and debts

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