intro chapter 4 - business structures

-Owned by a single owner
-No separation between owner and business
-Unlimited personal liability

• Corporation
• Limited Liability Company
• Partnership
• Sole Proprietorship

-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital

• Corporation
• Limited Liability Company
• Partnership
• Cooperative

-Two or more owners
-Unlimited Personal Liability
-No separation between owners and business

• Limited Partnership
• Corporation
• Cooperative
• Partnership

-General Partner provides business skill/talent
-Silent Partner provides capital
-Silent Partner enjoys limited personal liability

• Partnership
• Limited Liability Company
• Limited Partnership
• Joint Venture

In a Limited Partnership, the limited partner is also known as the:

• Financier 
• Monopolist
• Venture Capitalist
• Silent Partner

This type of business is owned by one person.

• Partnership

• Sole Proprietorship

• Corporation

• Limited liability company

_______________is a legal term for being held accountable

• Liability

• Assets

• Bankruptcy

• Claim

A ________ is money that you are required to pay to the government.

• Bills

• Loans

• Tax

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.

• Sole Proprietorship

• Partnership

• Corporation

• Limited liability company

All income and expenses are filed are filed on the owners personal tax return.

• Corporate

• Parnership

• Franchise

• Sole proprietorship