Types of Business

All of these are benefits of a partnership except

• shared decision making

• unlimited liability

• relatively easy start up

A cost of a sole proprietorship is

• receives all benefits/profits/incomes

• easy to start up/close down

• responsible for all decisions/debts

All are costs of a corporation except

• requires legal advice/fees to establish/maintain

• may be subject to more paperwork and requlations

• owners/share holders have limited liability

What is a public corporation?

• owned by government

• traded on the stock market

• owned by one person

What type of business has limited liability?

• sole proprietorship

• partnership

• corporation

What is a negative of a partnership?

• easy to start

• difference of opinions

• corporation tax

A sole proprietorship is small with no employees

• True

• False

Which is not a characteristic of a publicly held corporation

• file quarterly reports

• information shared with general public

• no reports required

a company's legal financial debts or other obligations resulting from its daily business operations

• Liability

• Loan

• Cost

• Benefit

A local grocery store owned by a single family

• Sole proprietorshiop

• partnership

• corporation