Types of Business

Front

What is a business owned and operated by one person?

Back

Sole Proprietorship

Front

What is a business owned by stockholders/investors but operated by others? Options: Sole Proprietorship, Partnership, Corporation

Back

Corporation

Front

What is a business owned and operated by two or more people? Options: Sole Proprietorship, Partnership, Corporation

Back

Partnership

Front

What is ONE advantage of a sole proprietorship?

Back

You make ALL the decisions

Front

Which is ONE disadvantage of Sole Proprietorship? Options: Less direct control, Disagreements, Hard to raise money

Back

Hard to raise money

Front

What is ONE advantage of a Partnership?

Back

Someone else can help with decisions, etc.

Front

What is ONE disadvantage of a Partnership? Easier to start, Have to share the profits, Help in making decisions

Back

Have to share the profits

Front

What is ONE advantage of a Corporation? Options: Difficult to start, Make all of the decisions, Easy to raise money!

Back

Easy to raise money!

Front

What is ONE disadvantage of a Corporation?

Back

Less direct control

Front

Which business type makes up approximately 75% of all businesses? Options: Sole Proprietorship, Partnership, Corporation

Back

Sole Proprietorship