Unit 1 Review

Front

A business owned and operated by 1 person

Back

sole proprietorship

Front

A business jointly owned by two or more persons.

Back

partnership

Front

A form of business organization recognized by law as a separate legal entity

Back

corporation

Front

Owner keeps all profit

Back

Sole Proprietorship

Front

Owners may not agree with each other

Back

Partnership

Front

A corporation sells shares to expand and make profit

Back

True

Front

This type of business is owned by many people called stockholders.

Back

Corporation

Front

Nike, Google and Apple are examples of.....

Back

Corporations

Front

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Back

Sole Proprietorship

Front

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability. Options: Sole Proprietorship, Partnership, Corporation, Franchise

Back

Sole Proprietorship