Business Structure Partnership

Front

What business structure is characterized by two or more owners, lower taxes, and unlimited liability? Options: Partnership, Sole Proprietorship, Corporation, All of the above

Back

Partnership

Front

A _______________ is a business owned jointly by two or more people.

Back

Partnership

Front

What type of paperwork is needed for a Partnership?

Back

Partnership Agreement

Front

Which of the following is a disadvantage of setting up a business as a partnership?
Options:
Shared losses,
Shared workload,
Shared profit,
More ideas generated

Back

Shared profit

Front

List two disadvantages of partnership.

Back

Partners might not all contribute equally; partnership has unlimited liability.

Front

When one person has full responsibility and the other is “silent partner” it is a:

Back

Limited Partnership (LP)

Front

How many partners are there in a typical partnership?

Back

2-20

Front

More owners means more disagreements for what type of structure?

Back

Partnerships

Front

_______________is a legal term for being held accountable

Back

Liability

Front

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

Back

Sole Proprietorship