A ______is a legal entity that is separate and distinct from its owners. Under the law, ______ possess many of the same rights and responsibilities as individuals.

• A ____ ____is an unincorporated business with only one owner who pays personal income tax on profits earned.

• Any entity or individual can be a member of an ____ with the notable exceptions of banks and insurance companies.

A distinguishing characteristic of a ____ is limited liability. Its shareholders profit through dividends and stock appreciation but they are not personally liable for the company's debts.

Both ___ and ____are allowed to pass through their profits, along with the responsibility for paying the taxes on them, to their owners.

In a general _____, all parties share legal and financial liability equally.

• Most small businesses start as ____ _____ and end up transitioning to a limited liability entity or corporation as the company grows.

The shareholders of a ____ typically receive one vote per share and may hold an annual meeting during which they elect a board of directors.

Like a corporation, ____provide their owners with limited liability in the event the business fails.

______ do not pay income tax.

With a _____ you do not need to fill out a tremendous amount of paperwork, such as registering with your state.

Alphabet, the parent company of Google, PepsiCo, Exxon Mobile and Johnson & Johnson are examples of which type of business?

• ______can pool their labor, capital and expertise.

The tax process is simpler in a sole proprietorship because you do not need to obtain an employer identification number (EIN) from the Internal Revenue Service (IRS).