Business Structures

Front

What is a form of business ownership in which 2 or more people jointly owns a business?

Back

Partnerships

Front

Which of the following is an advantage of a partnership? Unlimited liability, Arguments, Shared responsibility

Back

Shared responsibility

Front

This type of organization is a legal entity separate from its owners.

Back

Corporation

Front

Advantage of this business is that owner keeps all the profit and is his own boss. Options: Partnership, Sole proprietorship, Corporation, Franchise

Back

Sole proprietorship

Front

This type of business is considered a separate legal entity in the eyes of the law.  It is owned by shareholders.

Back

Corporation

Front

One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.

Back

True

Front

-Owned by a single owner
-No separation between owner and business
-Unlimited personal liability

Back

Sole Proprietorship

Front

-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital

Back

Corporation

Front

A company's financial debt or obligations that arise during the course of its operation... This definition best describes...

Back

Liability

Front

A type of business with limited liability for the owners, with the advantage of not paying corporate income tax

Back

Limited Liability Corporation