Business Organizations

When the owner or owners of a business are personally responsible for all debts incurred by the business.

• Dividend

• Limited Personal Liability

• Article of Incorporation

• Unlimited Personal Liability

Unlimited personal liability is a disadvantage of these types of business organizations:

• Corporation & Cooperative

• Partnership & Cooperative

• Sole Proprietorship, Cooperative & Partnership

• Sole Proprietorship & Partnership

Progressive personal income tax means the __________ of tax that Sole Proprietors and partners in a Partnership pay increases as their revenue goes up.

We Charity, founded by Marc and Craig Kielburger, is an example of which type of business organization?

• Non-Profit and Charitable Organization

• Partnership

• Government Enterprise

This is an example of which type of business organization?

Any profits that are made a co-op that are not reinvested into the business are paid out to the members in the form of _________ returns.

One disadvantage of a corporation is that the legal and government fees for establishing a corporation is significantly higher than those for sole proprietorships and partnerships.

• TRUE

• FALSE

McDonald's started out as a ___________ and turned into a ___________.

• Sole Proprietorship & Partnership

• Sole Proprietorship & Franchise

• Partnership & Franchise

• Partnership & Corporation

Sole Proprietors pay __________ income tax.

• Firm

• Progressive

• Proxy

• Dividend

Investing in a corporation is ____ risky than investing in a partnership or sole proprietorship.