This type of business is owned by two or more people.

This type of business is owned by many people called stockholders.

This type of business combines the characteristics of a corporation with those of a partnership or sole proprietorship and owners have liability protection.

Law firms and doctor's offices are examples of ...

General Motors, Google and Apple are examples of ...

A writer, hair dresser, and a lemonade stand owner are examples of ...

Advantages of this business type are that the owner is his/her own boss and gets to keep all the profits.

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

Advantages of this business type include: easier to get money from the bank to start, skills are shared, and risks are shared with at least one other.

Disadvantages of this business type include: needing a signed agreement, owners might not get along, owners share profits, and unlimited liability.

Advantages of this type of business include: selling stock to raise money and limited liability.

Disadvantages of this type of business include: taxation on profits, regulations by the government, and can be difficult to start.

Advantages of this type of business include: liability protection and flow-through taxation (where profits are distributed to members who are taxed on profits at their personal tax level).

To create this type of business, members need to have an article of operation, an operating agreement, and an EIN (employer identification number).

How is a corporation different from a sole proprietorship or partnership?

No paperwork (charter or agreement) is required to start which type of business?

Which type of business allows the owner to keep all of profit for him/herself?

Which business depends on just one person for the skills and talents to run the business?

When comparing the four main types of business organizations, which protect owners the MOST from personal financial liability due to being sued by a customer?