Basic Types of Business Ownerships 12c

Basic Types of Business Ownerships 12c

Poll

If you were going to open a business, would you rather be the only boss, work with a partner, or be one of many employees?

• Only boss

• Partner

• One of many employees

There are three types of businesses:

Multiple Choice

Which is not a business type?

• Proprietorship

• Partnership

• Corporation

• Paleocon

Proprietorship: A form of business organization with one owner who takes all the risks and all the profits.

Partnership: A form of business organization with two or more owners who share the risks and the profits.

Corporation: A form of business organization that is authorized by law to act as a legal person, no matter how many owners it has.

In a corporation, owners share the profits. Owner responsibility is limited to the amount of their investment (limited liability).

Local Corporation

Local corporation

Multiple Choice

Most businesses in the U. S. are--

• Proprietorship

• Partnership

• Corporation

Multiple Choice

This business sells stock, creating many small owners.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

A positive is that the owner gets all the profits.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

A negative is that the owner gets all the losses.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

This business is treated as a person for legal and tax purposes.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

What is it? A group of physical therapists decide to open a business together?

• Proprietorship

• Partnership

• Corporation

Multiple Choice

What is it? Julius builds a computer company and hires more employees. Eventually, he sells stock.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

What is it? Lisa and her sisters decide to open their own law firm after graduation from law school.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

What is it? Marvin buys and opens an ice cream stand.

• Proprietorship

• Partnership

• Corporation

Multiple Choice

What is it? Roberta's family builds a chain of retail stores across the country. They have many investors.

• Proprietorship

• Partnership

• Corporation