Types of Business Structures

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

• Corporation
• Limited Liability Company
• Partnership
• Sole Proprietorship

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

• Limited Partnership
• Corporation
• Cooperative
• Partnership

A general partner has no decision-making authority.

• TRUE
• FALSE

A _______________ is a business owned jointly by two or more people. 

• Partnership 
• Corporation 
• Limited Liability Corporation (LLC)
• Sole Propirtorship

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

• Bills

• Loans

• Tax

Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a 

• partnership.
• corporation.
• sole proprietorship.
• stock.

Partnerships are popular in family businesses where individuals may enter into a partnership with their spouse and children to minimize their tax burden

• True
• False

This type of business is easiest to set up

• Sole trader

• Partnership

Profits are shared amongst lots of owners.

• Partnership

• Sole Trader

If your partner runs up a lot of debt, you are responsible to repay it.

• True

• False