1-10 Types of Business Ownership Business U Flashcard

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What are Articles of Incorporation?

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Documents filed with a governmental body to establish a corporation

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What is a Benefit Corporation (B Corp)?

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A corporation that considers public benefit in its decisions.

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What is a C Corporation (C Corp)?

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A corporation that can sell unlimited shares of its stock to the public.

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What defines a Corporation?

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A legal entity separate from its owners, controlled by a board of directors

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What is a General Partnership?

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A business structure where all partners have unlimited liability.

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What does Liability refer to?

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The legal responsibility for actions, debts, and obligations

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What is Limited Liability?

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The restriction of an individual’s potential loss to their investment amount

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What is a Limited Liability Company?

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A hybrid business structure with limited liability for investors

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What is a Limited Liability Partnership?

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A hybrid business structure where partners have limited liability

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What is a Limited Partnership?

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A business structure where some partners are not active and have limited liability