Junior Commerce: Business Types

What is a sole proprietorship?

• A sole proprietorship is a business owned and operated by a single individual.

• A sole proprietorship is a type of food

• A sole proprietorship is a form of government

• A sole proprietorship is a type of shoe

Can you name a type of business where multiple individuals share ownership?

• Corporation

• Partnership

• Franchise

• Sole proprietorship

What is a corporation?

• A corporation is a legal entity that is separate and distinct from its owners.

• A corporation is a type of fruit

• A corporation is a type of animal

• A corporation is a type of weather phenomenon

What is a partnership?

• A partnership is a business structure where two or more individuals manage and operate a business together.

• A partnership is a form of art

• A partnership is a type of government structure

• A partnership is a solo business venture

What is a franchise business?

• A franchise business is a type of business where an individual can start a new business without any support from an existing brand.

• A franchise business is a type of business where the franchisor has no control over the operations of the franchisee.

• A franchise business is a type of business where the franchisee does not have to pay any fees to the franchisor.

• A franchise business is a type of business where an individual or group (franchisee) pays a fee to use the branding, products, and services of an existing business (franchisor). The franchisee operates under the established business model of the franchisor.

What is a cooperative business?

• A cooperative business is a government-run organization.

• A cooperative business is an organization owned and operated by a group of individuals for their mutual benefit.

• A cooperative business is a type of competitive industry.

• A cooperative business is solely owned by one individual.

What is a limited liability company (LLC)?

• A limited liability company (LLC) is a type of non-profit organization.

• A limited liability company (LLC) is a business structure that offers unlimited liability to its owners.

• A limited liability company (LLC) is a form of government agency.

• A limited liability company (LLC) is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

What is a non-profit organization?

• A non-profit organization is an organization that uses its surplus funds to pursue its goals rather than distributing them to owners or shareholders.

• A non-profit organization is a type of government agency.

• A non-profit organization is a company that operates solely for personal gain.

• A non-profit organization is a business that focuses on maximizing profits for its shareholders.

What is a privately held company?

• A privately held company is a company that is required to disclose all financial information to the public.

• A privately held company is a company that does not have its shares traded on the stock market.

• A privately held company is a company that is owned by the government.

• A privately held company is a company that is not subject to any regulations.

What is a publicly traded company?

• A publicly traded company is a company that has issued securities through an initial public offering (IPO) and is listed on a stock exchange where its shares can be bought and sold by the general public.

• A publicly traded company is a company that is not subject to any regulations

• A publicly traded company is a company that is privately owned by a single individual

• A publicly traded company is a company that operates solely online