Types of Business Ownership

Which of the following is a disadvantage of franchise?

• assistance from a parent company

• name recognition

• shared advertising expenses

• must follow parent company business structure

Which of the following is a type of business which operates as a separate legal entity?

• corporation

• franchise

• partnership

• sole partnership

Which of the following is defined as a business which is owned and operated by one individual?

• partnership

• sole proprietorship

• entrepreneurship

• franchise

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

• sole partnership

• limited partnership

• general partnership

• franchise partnership

A _____ is a legal agreement between two or more people, and is the least common form of business.

• franchise

• partnership

• sole prorietorship

• corporation

A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.

• franchise

• partnership

• sold prprietorship

• corporation

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

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

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
• Franchise

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise