Types of Business Ownership

John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a

• Merger

• Partnership

• Franchise

• Corporation

Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?

• Company

• Partnership

• Sole proprietorship

The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?

• Corporation

• Cooperative

• Partnership

• Sole proprietorship

If you buy a franchise, you are a(n)

• franchisor

• franchise

• agent

• franchisee

Which of these are owned by shareholders?

• corporation

• sole proprietorship

• partnership

An individual who starts a business

• corporation

• Franchisee

• entrepreneur

SOLE PROPRIETORSHIP'S owners have ____ flexibility when running the nusimess.

• nothing

• total

• kind of

Meaning of: LLC

• Limited Law Company

• Limited Liability Company

• Limited Liability Comporation

• Limitation Liability Company

Which type of business ownership is characterized by a single individual owning and operating the business?

• Corporation

• Partnership

• Sole proprietorship

• Franchise

In a partnership, what is the term for the agreement that outlines the responsibilities and profit-sharing among partners?

• Franchise agreement

• Partnership deed

• Shareholder agreement

• Operating agreement