Business Structures Review

Front

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

Back

Sole Proprietorship

Front

What type of business is publicly traded, governed by a Board of Directors, has a CEO, COO, CFO, and sells stocks to raise capital? Options: Corporation, Limited Liability Company, Partnership, Cooperative

Back

Corporation

Front

-One or more owners
-Limited personal liability
-Must be legally dissolved/reformed when ownership changes

Back

Limited Liability Company

Front

-Two or more owners
-Unlimited Personal Liability
-No separation between owners and business

Back

Partnership

Front

-Organization made up of many smaller firms
-Operated democratically (all firms get one vote)
-Provided subsidies/lower tax rates by the Government

Back

Cooperative

Front

What type of partnership involves a General Partner providing business skill/talent, a Silent Partner providing capital, and the Silent Partner enjoying limited personal liability?

Back

Limited Partnership

Front

What is characterized by high start-up and royalty fees, adherence to corporate standards, and privately owned locations associated with a larger brand?

Back

Franchise

Front

-Comprised of two preexisting companies
-Resources and talent pooled to achieve business objectives
-Business relationship is temporary; profits shared

Back

Joint Venture

Front

In a Limited Partnership, the limited partner is also known as the: Financier, Monopolist, Venture Capitalist, Silent Partner

Back

Silent Partner

Front

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

Back

Liability