Main types of business organization

Sole Proprietorship's owners have _____ flexibility when running the business.

• total
• partial
• partnerships

• complex

General _____ do not require a formal agreement.

• leaderships

• partial
• partnerships

• complex

Corporations are, for tax purposes, separate entities and are considered a legal _____ .

• company

• partial
• person

• complex

Start a corporate business requieres _____ paperwork.

• company

• simple

• person

• complex

The _____ of the LLC are shared by the owners without double-taxation.

• benefits

• profits

• person

• complex

Beginning an LLC has ______ due to legal and filing fees.

• low costs

• normal incomes

• high costs

• short profits

• high losses

Which of them is a disadvantage of sole proprietorship?

• All profits are subject to the owner.

• No distinction between personal and business income.

• There os very little regulation for proprietorships.

• Owners have total flexibility when running the business.

• Very few requirements for starting, often only a business license.

Limited ______ require a formal agreement between the partners.

• leaderships

• commerce

• marketing

• partnerships

• management

Which of the following is an advantage of partnerships?

• Unlimited liability

• Difficult to raise capital

• More resources

• Tax advantages

• Responsible for partner decisions