Business Structures Review

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

This type of business, which is owned and operated by a single person, makes up more than half of all the businesses in the United States.

Back

Sole Proprietorship

Front

The profits and losses are shared between a few owners in this type of business.

Back

Partnership

Front

A corporation is owned by many individuals called _________________.

Back

Shareholders

Front

This type of business pays to use someone else's name and sell their products or services in a prescribed manner.

Back

Franchise

Front

This type of business has a goal of making just enough money to be able to do some social good deed. Options: Cooperative, Corporation, Franchise, Non-Profit Corporation

Back

Non-Profit Corporation

Front

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

Back

True

Front

A partnership agreement: Helps prevent disagreements, Encourages disagreements, Is a waste of time, None of the above

Back

Helps prevent disagreements

Front

The two main factors to consider when legally structuring a business are

Back

taxes and liability

Front

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

Back

Limited Liability Company