Group of individuals who make high-level management decisions for a business and establish company policies.

John starts a new business and is considering the structure that will best protect his personal assets from business debts and claims. This consideration is known as:

Business that is legally separate from its owners and has most of the legal rights of an actual person

form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.

Written contract that establishes a partnership; also called the articles of partnership.

Business is owned and often operated by a single individual.

Association of two or more persons who co-own a business with the objective of earning a profit.

The two kinds of partnership are

Which is not an advantage of a partnership form of ownership?

Which is the form of business ownership provides limited liability to its owners, but is taxed as a partnership

A major advantage of forming a corporation is

A partner that does not participate in running the business is called

The form of business ownership that combines the benefits of a corporation with those of proprietorships and partnership is a(n)

The form of business that describe an "artificial person" is an _____.

The simplest and most common form of business ownership is a(n)______.

Cooperative are run by _________.

Business owner is held personal responsible responsible for all debts and losses in the business is called ________.

_________ partners have authority to make decisions, are active in day-to-day business operations, and have unlimited liability for debts.

Articles of incorporation must be filed with the Secretary of State’s office in the state of operation. The articles of incorporation must include the names of the corporation’s founders, name of the _______, and type of business that will be conducted.