Middle School Business Technology Business Entities

Front

What is a sole proprietorship?

Back

A business owned and run by a single person.

Front

In a sole proprietorship, who has full control of the business?

Back

The single owner

Front

What is a significant advantage of a sole proprietorship?

Back

Easy to start

Front

In a partnership, who shares responsibilities and profits?

Back

Two or more people

Front

What is a potential disadvantage of a partnership? Options: Shared responsibilities, Access to more skills and resources, Potential for disputes, Limited personal liability

Back

Potential for disputes

Front

What is a corporation's primary characteristic?

Back

A separate legal entity from its owners

Front

What is an advantage of a corporation?

Back

Limited personal liability

Front

Which business entity combines features of a corporation and a partnership?

Back

Limited Liability Company (LLC)

Front

What does LLC stand for?

Back

Limited Liability Company

Front

What is a key characteristic of an LLC?

Back

Limited liability for members