Business Structures Test

-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

-Subject to high start-up and royalty fees
-Must adhere to corporate standards
-Privately owned locations but associated with a larger, more recognizable brand

• Franchise
• Limited Partnership
• Corporation
• Joint Venture

"A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...

• Profit
• Revenue
• Liability
• Lateral Alignment

This type of business, which is owned and operated by a single person, makes up more than half of all the businesses in the United States.

• Corporation
• Franchise
• Partnership
• Sole Proprietorship

The profits and losses are shared between a few owners in this type of business.

• Corporation
• Non-Profit Corporation
• Partnership
• Sole Proprietorship

This type of business is considered a separate legal entity in the eyes of the law.  It is owned by shareholders.

• Cooperative
• Corporation
• Partnership
• Sole Proprietorship

This type of business has a goal of making just enough money to be able to do some social good deed.

• Cooperative
• Corporation
• Franchise
• Non-Profit Corporation

Which of the following is not an advantage of a sole proprietorship?

• Easy to start
• Owner is their own boss
• Owner has unlimited liability
• Owner receives all the profits