Business Structures

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

• Sole Proprietorship

• Company

• Partnerships

Which of the following is an advantage of a partnership?

• Unlimited liability

• Arguments

• Shared responsibility

This type of organization is a legal entity separate from its owners.

• Partnership

• Sole Proprietorship

• Corporation

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

• Partnership

• Sole proprietorship

• Corporation

• Franchise

This type of business is considered a separate legal entity in the eyes of the law.  It is owned by shareholders.

• Corporation

• Partnership
• Sole Proprietorship

One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.

• True
• False

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

• Corporation
• Limited Liability Company
• Partnership
• Sole Proprietorship

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

• Corporation
• Limited Liability Company
• Partnership
• Cooperative

"A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...

• Profit
• Revenue
• Liability
• Lateral Alignment

A type of business with limited liability for the owners, with the advantage of not paying corporate income tax

• Partnership

• Sole Proprietorship

• Limited Liability Corporation

• Franchise