Unit 3 flashcard

Front

partnership in which partners share equally in both responsibility and liability

Back

General Partnership

Front

Organization that offers limited liability combined with the single taxation of business income. Must have no more than 100 stockholders

Back

S Corporation

Front

4 disadvantages of corporations

Back

Difficult to start up.
More Regulations.
Double Taxation.
Owners may have less control of running the business.

Front

Business demand for a resource that comes from the demand for consumer goods

Back

derived demand

Front

A form of business ownership that combines select features of corporations and partnerships

Back

Hybrid Business

Front

two or more people agree to contribute resources to the business in return for a share of the profit

Back

Partnership

Front

the legal obligation to pay any debts of the business

Back

Liability

Front

groups that do not pursue profit as a goal; they engage in charitable, educational, humanitarian, cultural, professional, or other activities, often with a social purpose

Back

Not-for-profit organizations

Front

a form of business ownership that offers both limited liability to its owners and flexible tax treatment

Back

LLC

Front

Money needed to start or grow a business

Back

Financial Capital