Entrepreneurship Concepts

The first step in starting a business is usually

• Conducting market research

• Developing a business idea

• Creating a marketing plan

• Securing funding

This form of business ownership allows partners to have the right to participate in management and have limited liability for company debts.

• LLP (Limited Liability Partnership)

• Sole Proprietorship

• General Partnership

• Corporation

A privately owned and operated enterprise, typically with a small number of employees

• Small business

• Large corporation

• Non-profit organization

• Franchise

The form of business ownership in which a business is considered a legal entity that is separate from its owners is called:

• A partnership

• A sole proprietorship

• A corporation

• A limited liability company

This type of business ownership offers both limited liability to its owners and flexible tax treatment, allowing owners to decide if they want their business taxed as a corporation or partnership.

• Sole Proprietorship

• Corporation

• LLC (Limited Liability Company)

• Partnership

The three main forms of business ownership are:

• Corporation, partnership, and sole proprietorship

• Limited liability company, corporation, and partnership

• Sole proprietorship, cooperative, and franchise

• Partnership, corporation, and joint venture

After starting his business, Zachary created a document to describe his business concept, objectives, strategies, and timelines for achieving those objectives. What is this document called?

• Business model

• Business strategy

• Business plan

• Business proposal

The term for when owners are not personally liable for claims against their business is called:

• Limited accountability

• Unlimited liability

• Personal liability

• Corporate responsibility

A person who risks their time, money, and other resources to start and manage a business

• An entrepreneur

• A manager

• An investor

• A consultant

An individual would NOT choose to open a business if they wanted to

• Be independent and self-sufficient

• Be dependent on others

• Have complete control over their work

• Make their own decisions