Types of Businesses Test

Difficult and costly to start.

• Sole Proprietorship
• Partnership
• Corporation

Easiest form to start and most common form of business.

• Sole Proprietorship
• Partnership
• Corporation

Legal and financial responsibility shared by two or more owners

• Sole Proprietorship
• Partnership
• Corporation

Requires an agreement/contract to start.

• Sole Proprietorship
• Partnership
• Corporation

Requires a charter filed with the government to start.

• Sole Proprietorship
• Partnership
• Corporation

The owner keeps all of the profits.

• Sole Proprietorship
• Partnership
• Corporation

Double Taxation.

• Sole Proprietorship
• Partnership
• Corporation

Businesses must name a board of directors.

• Sole Proprietorship
• Partnership
• Corporation

Time commitment, responsibilities, and profits/losses are shared between owners.

• Sole Proprietorship
• Partnership
• Corporation

Owner is responsible for all debts and funding can be difficult to obtain.

• Sole Proprietorship
• Partnership
• Corporation