1-10 Types of Business Ownership Flashcard

Front

An individual business in which all responsibility & benefits belong to the owner? Options: Corporation, Sole Proprietorship, Partnership, Franchise

Back

Sole Proprietorship

Front

A private business legally owned by two or more people.

Back

Partnership

Front

A company grants an individual or group the right to carry out specified business activities is called

Back

Franchise

Front

A group of investors or shareholders own this business.

Back

Corporation

Front

A business owned by one person, and where the owner has unlimited liability.

Back

Sole Proprietorship

Front

The liability that extends beyond an individual’s financial investment in a company to include their own personal wealth is called

Back

Unlimited Liability