The difference between domestic goods and foreign goods is that foreign goods are products made by firms in other countries and domestic goods are made in the US.

A joint venture is two or more businesses that agree to provide a good or service, sharing the costs, of doing business and also the profits. An example of a joint venture is an agreement between two major contractors to connect two cities by building a tunnel for cars under a river.

Three key people in corporations are stockholders, directors, and officers.

Advantages of a partnership- credit position improved; Usually has better credit reputation than the sole proprietorship
Contribution of goodwill; some people will be more likely to do business with the newly formed partnership because they know one of the owners
Reduction in Competition; two or more proprietors in the sam line of business may become an organization by forming a partnership thus creating less competition

Disadvantages of a partnership- each partner bound by contracts of others; each partner is bound by the partnership contracts made by any partner if such contracts apply to the ordinary operations of the business.
Uncertain Life; life of a partnership is uncertain, sometimes partners specify a definite length of time for the existence of the business.
Limited sources of capital; the contributions of the partners, the earnings of the business, and the money that can be borrowed limit the amount of funds that a partnership