Business Structures Flashcards

Front

Main benefit of a sole proprietorship

Back

Complete control over business decisions

Front

In a partnership, who is responsible for business decisions and functions

Back

Both partners equally

Front

True statement about a corporation

Back

It is a separate legal entity from its owners

Front

Key characteristic of a C Corporation

Back

It is taxed separately from its owners

Front

Type of corporation that allows income, losses, deductions, and credits to pass directly to shareholders

Back

S Corporation

Front

Primary feature of a Limited Liability Company (LLC)

Back

Owners’ personal assets are protected from business debts

Front

In a franchise, the franchisee is

Back

The company that owns the product or service

Front

Joint venture

Back

A business arrangement where two or more businesses collaborate for a specific project

Front

Characteristic of a cooperative

Back

Decisions are made democratically by members

Front

Quasi-public corporation

Back

A private company that provides a public service and often receives partial government funding