
Understanding Business Structures Flashcard
Flashcard
•
Life Skills
•
8th Grade
•
Practice Problem
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
What is a key characteristic of a sole proprietorship?
Back
Unlimited liability for the owner
2.
FLASHCARD QUESTION
Front
In a general partnership, how is the income taxed?
Back
Income is taxed once on each partner's individual tax return
3.
FLASHCARD QUESTION
Front
Which business structure provides limited liability to its investors? Options: Sole Proprietorship, Partnership, Corporation, General Partnership
Back
Corporation
4.
FLASHCARD QUESTION
Front
What is a primary advantage of a Limited Liability Company (LLC)?
Back
Limited liability for its members
5.
FLASHCARD QUESTION
Front
Which business structure can be taxed as a "pass-through" entity? Options: Corporation, Sole Proprietorship, Limited Liability Company (LLC), Franchise
Back
Limited Liability Company (LLC)
6.
FLASHCARD QUESTION
Front
What is a common feature of a franchise agreement?
Back
Fixed time period and specific territory
7.
FLASHCARD QUESTION
Front
Which business structure requires the filing of Articles of Incorporation? Options: Sole Proprietorship, Partnership, Corporation, Franchise
Back
Corporation
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