Characteristics of Business

Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership.

• Sole Propriotorship

• Partnership

• Corporation

• Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

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

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Partnership

Which characteristic of business involves the ability to continue operations indefinitely?

• Limited Liability

• Unlimited Life

• Ease of Transfer

• Profit Motive

What is a primary advantage of a corporation over a sole proprietorship?

• Unlimited Liability

• Limited Life

• Ease of Transfer of Ownership

• Single Taxation

Which type of business structure is characterized by shared decision-making and shared profits?

• Corporation

• Sole Proprietorship

• Partnership

• Franchise

What is a key characteristic of a franchise?

• Owned by a single individual

• Operates under a parent company's brand

• Unlimited liability

• No initial fees

Which characteristic of business refers to the legal responsibility for debts?

• Limited Liability

• Unlimited Life

• Profit Motive

• Ease of Transfer

What is a disadvantage of a partnership?

• Limited Liability

• Shared Profits

• Unlimited Life

• Ease of Transfer

Which business type is known for having the simplest form of ownership?

• Corporation

• Partnership

• Sole Proprietorship

• Franchise