A limited liability proprietorship is a mix of both a partnership and a company, put together to form a single organisation. It is a formal partnership between at least two business partners.
A sole proprietorship is a one-man business. It is owned and run by an individual. A sole proprietorship is not a legal entity but a description of the type of business.
In business terms, liability is something that the company owes. Generally, it is an obligation or something that you owe somebody.
Asset refers to any useful or valuable thing or a person. In business terminology, asset refers to any kind of monetary value owned by a business.
Unique Selling Proposition or USP is that one thing or a number of things that makes your business better than all your existing competitors.
SKU is a unique code consisting of alphabets and numbers that identifies the characteristics of each product such as the manufacturer, brand, style, size and colour.
Pre-money valuation refers to the value of the company excluding the latest round of funding while post-money valuation includes external funding.
Funding is the money raised by a startup or provided by an individual, organisation or government bodies to a startup for a particular purpose.
A bootstrapped startup is responsible for its own survival. Bootstrapping means starting and growing a startup from scratch without anyone’s financial help.
VCs are usually composed as limited partnerships where partners invest in the VC fund. It constitutes of a committee that is responsible for making investment decisions.