BUSINESS STRUCTURES

What is a form of business ownership in which 2 or more people jointly owns a business

• Sole Proprietorship

• Company

• Partnerships

The major policy and financial decision makers of a corporation are determined by the...

• CEO/GM/President

• Chairman of the board

• Shareholders

• Board of Directors

Name the entity that has a separate legal person from its members, and these members are only liable for the cost of the shares they have purchased

• Partnership

• Sole Trader

• Limited Liability Company

• Franchise

The owners share the risks and the profits

• Proprietorship

• Partnership

• Corporation

• None of the above

Advantage of this business is that owner keeps all the profit and is his own boss

• Partnership

• Sole proprietorship

• Corporation

• Franchise

-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital

• Corporation
• Limited Liability Company
• Partnership
• Cooperative

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

• Limited Partnership
• Corporation
• Cooperative
• Partnership

-Subject to high start-up and royalty fees
-Must adhere to corporate standards
-Privately owned locations but associated with a larger, more recognizable brand

• Franchise
• Limited Partnership
• Corporation
• Joint Venture

What is the main reason people start businesses?

• Out of boredom
• To pay taxes
• Earn a profit
• To hire friends

This type of business is created to provide a service, not to make a profit.

• non-Profit

• Partnership

• Corporation

• Sole Proprietorship