Econ chapter 8 test

A business owned and managed by a single individual

• sole proprietorship

• business organization

• business license

• Zoning laws

• liability

The ownership structure of a company or firm

• sole proprietorship

• business organization

• business license

• Zoning laws

• liability

Authorization to operate a business issued by a local government

• sole proprietorship

• business organization

• business license

• Zoning laws

• liability

Laws in a city or town that designate certain areas, or zones, for residential or business use

• sole proprietorship

• business organization

• business license

• Zoning laws

• liability

Legal obligation to pay debts

• sole proprietorship

• business organization

• business license

• Zoning laws

• liability

A business Organization owned by two or more persons who agree on a special division of responsibilities and profits

• partnership

• general partnership

• limited partnership

• limited liability partnership

A type of partnership where all partners share equally in both responsibility and liability

• partnership

• general partnership

• limited partnership

• limited liability partnership

A type of partnership where only one partner is required to be a general partner

• partnership

• general partnership

• limited partnership

• limited liability partnership

A type of partnership where all partners are limited partners

• partnership

• general partnership

• limited partnership

• limited liability partnership

a partnership agreement that spells out each partner's rights and responsibilities

• Article of partnership

• Assets

• business franchise

• Royalties