Types of Business Organizations

Front

This type of business is owned by one person.

Back

Sole Proprietorship

Front

The owner is their own boss and gets to keep all the profits.

Back

Sole Proprietorship

Front

What are the characteristics of a Sole Proprietorship? 1)owner pays for everything 2)Difficult to get money to start 3)owner might lack skills 4)unlimited liability.

Back

Sole Proprietorship

Front

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

Back

The responsibility for the business is shared.

Front

What is a business owned by stockholders/shareholders but operated by others?

Back

Corporation

Front

What is a business owned and operated by two or more people, w/ no shareholders?

Back

Partnership

Front

What is ONE advantage of a sole proprietorship?

Back

You make ALL the decisions

Front

Which is ONE disadvantage of Sole Proprietorship? Options: Less direct control, Disagreements, Hard to raise money, Shareholders have too much influence

Back

Hard to raise money

Front

What is ONE advantage of a Corporation?

Back

Easy to raise money!

Front

One disadvantage of ____ is the potential for conflict among partners.

Back

Partnership