Business test

What is a business owned and operated by one person?

• Sole Proprietorship
• Partnership
• Corporation

What is a business owned by stockholders/investors but operated by others?

• Sole Proprietorship
• Partnership
• Corporation

What is a business owned and operated by two or more people?

• Sole Proprietorship
• Partnership
• Corporation

What is ONE advantage of a sole proprietorship?

• You make ALL the decisions
• Easy to raise money
• You have to share profits

Which is ONE disadvantage of Sole Proprietorship?

• Less direct control
• Disagreements
• Hard to raise money

What is ONE advantage of a Partnership?

• Someone else can help with decisions, etc.
• Double taxes
• Disagreements

What is ONE disadvantage of a Partnership?

• Easier to start
• Have to share the profits
• Help in making decisions

What is ONE advantage of a Corporation?

• Difficult to start
• Make all of the decisions
• Easy to raise money!

What is ONE disadvantage of a Corporation?

• Disagreements
• Less direct control
• The risk is all on one person

Which business type makes up approximately 75% of all businesses?

• Sole Proprietorship
• Partnership
• Corporation