Business Organization Review

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

This type of business is owned by two or more people.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

No paperwork (charter or agreement) is required to start which type of business?

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

Which type of business allows the owner to keep all of the profit for him/herself?

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

Which business depends on just one person for the skills and talents to run the business?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Which of the following is an advantage of a sole proprietorship?

• No one is responsible if it fails.

• The owner has sole decision making ability.

• The parent company makes all of the important decisions.

• It is easy to get financing to start one.