Business Organizations

A __________ is business owned and run by a single individual.

• Proprietorship

• Partnership

• Corporation

• Franchise

A __________ is a business that is jointly owned by two or more persons.

• Proprietorship

• Partnership

• Corporation

• Franchise

A __________ is a form of business organization recognized by law as a separate legal entity with all the rights of an individual.

• Proprietorship

• Partnership

• Corporation

• Franchise

A __________ is a semi-independent business that pays fees to a parent company.

• Proprietorship

• Partnership

• Corporation

• Franchise

One advantage of a __________ is that the owner can keep the profits of successful management without having to share them with other owners

• Proprietorship

• Partnership

• Corporation

• Franchise

The main disadvantage of a __________ is that the owner of the business has unlimited liability.

• Proprietorship

• Partnership

• Corporation

• Franchise

One advantage of a __________ is the lack of special taxes.

• Proprietorship

• Partnership

• Corporation

• Franchise

The main disadvantage of a __________ is that each person is fully responsible for the acts of all other persons.

• Proprietorship

• Partnership

• Corporation

• Franchise

The main advantage of a ___________ is the ease of raising financial capital.

• Proprietorship

• Partnership

• Corporation

• Franchise

A major disadvantage of a __________ is the double taxation of profits.

• Proprietorship

• Partnership

• Corporation

• Franchise