Business Organization Flash Cards

Front

Sole Proprietorship is a business that has many owners.

Back

False

Front

It is smart for partnerships to have a legal agreement.

Back

True

Front

An LLC stands for Limited Liability Company.

Back

True

Front

The government agency that provides resources to help small businesses get started and be successful.

Back

Small Business Administration

Front

An organization created whose purpose is something other than making a profit.

Back

Non-Profit

Front

A business owned by two people who share the profit.

Back

Partnership

Front

A business ran and owned by just one person.

Back

Sole Proprietorship

Front

A business owned by many people who are considered stakeholders.

Back

Corporation

Front

A business that was created for expanding an original business, but opening in a new location, and where you are required to sell goods and services a certain way.

Back

Franchise

Front

A business that is started in order to protect the owner’s personal assets.

Back

LLC (Limited Liability Company)