Business ownership cases

Kyle and Paolo had been friends for a long time. The friends shared a common interest in computer technology. Kyle had done some software design and computer work on his own for neighbors and family friends. It wasn’t long before he realized that there was a demand for small businesses to have affordable computer consultants. He decided to start a business. Kyle discussed his venture with Paolo and asked him if he would like to combine capital and take an active role in the business with him. Both Kyle and Paolo are equally responsible for the businesses’ risks and rewards.

• LLC

• Partnership

• Corporation

• Profit Business

• Sole Proprietorship

Shawna, Maya, and Andre’s interior design business was taking off in a big way. Their talent was in high demand. It wasn’t long before the trio needed to hire more employees. Since the needs of their company were changing, they reviewed their personal circumstances, finances, and goals. They decided to legally organize the company so it had a limited life as well as limited liability. 

• Partnership

• Corporation

• LLC

• Non-profit Organization

• Profit Business

Ralph grew up on a large farm in southwest Wisconsin. As a college graduation gift, Ralph’s father gave him several hundred acres of land to raise organic soybeans, grain, and corn. Now, he works the fields by himself, negotiates deals with buyers, repairs equipment, and handles all the accounting and financial issues for the business, which is called The Natural Element.

• Partnership

• Sole Proprietorship

• None of them

• Non-profit Organization

• Profit Business

Rachel worked in one of her family’s two furniture stores. When her grandfather decided to expand the business and build three more stores, Rachel realized that he would need a lot of capital to get the construction started. She suggested that her grandfather raise the money by selling shares of stock in the company to just a few people, not to the general public. Her grandfather filed Articles of Incorporation with the government. He sold 1,000 shares of stock to 100 people and kept 1,500 shares.

• Corporation

• Partnership

• Non-profit organization

• Profit Business

• Sole Proprietorship

As a young child, Karina had a passion for animals and environmental issues. After she graduated from college, Karina landed a job in an organization whose mission is to create public awareness about endangered animals and other environmental issues. Karina’s employer depends largely on grants and donations to fund business activities.

• Sole proprietorship

• Partnership

• LLC

• Profit Business

• Non-profit organization

Samantha, Olivia, and Ethan decided to start a small bakery together. They will be equally responsible for the business's risks and rewards. The three friends have combined their capital and will take an active role in managing the business. They have decided to legally organize the company, which allows them to share the profits, losses, and decision-making authority equally. What type of business structure is this?

• Sole proprietorship

• Partnership

• LLC

• Profit Business

• Non-profit organization

Janette has been running a successful landscaping business for 10 years. She is responsible for all aspects of the business, including managing employees, negotiating contracts, and handling the finances. Janette enjoys the flexibility and control of this business, as she makes all the decisions and retains all the profits. She is also personally liable for the business's debts and obligations. What type of business structure is this?

• Sole proprietorship

• Partnership

• LLC

• Profit Business

• Non-profit organization

The local animal shelter relies on donations and grants to fund its operations. The shelter's mission is to provide care and shelter for abandoned and stray animals in the community. The organization is not focused on generating profits but rather on serving the public good. Any surplus revenue is reinvested into the organization's programs and services. What type of business structure is this?

• Sole proprietorship

• Partnership

• LLC

• Profit Business

• Non-profit organization

Maria, Javier, and Alejandra decided to open a small restaurant together. They will share the profits and losses equally, and each will have an active role in the management and operation of the business. The trio has combined their resources and expertise to create a successful venture. This business structure allows them to share the decision-making and responsibility for the company's success or failure.

• Sole proprietorship

• Partnership

• LLC

• Profit Business

• Non-profit organization

Amelia inherited her family's construction company but has decided to limit her personal liability. Amelia has created a separate legal entity that is responsible for the company's debts and obligations, protecting her personal assets. As the sole shareholder, Amelia has the ability to make all the decisions for the company, but she also has the added responsibility of complying with corporate regulations and filing the necessary paperwork.

• Sole proprietorship

• Partnership

• LLC

• Profit Business

• Corporation