Sole Proprietorship's
A sole proprietorship is a business owned by one person.
What is a sole proprietorship
A partnership is a business with two or more owners that work together.
What is a partnership?
The biggest advantage of a partnership is they can raise more money.
What is the biggest advantage of a partnership.
A corporation is a business that is owned by a group of people.
What is a corporation?
Some advantages of a corporation are borrowing money to sell bonds
What are some advantages of a corporation?
Companies that are proprietorship's usually serve their community or the area in which the company is based.
Which areas do companies that are proprietors work in?
A partnership is formed when two or more people sign a contract stating that they both have legal individual ownership of the company.
How is a partnership formed?
The biggest disadvantage of a partnership is each partners being fully responsible for all debts of the business.
What is the biggest disadvantage of a partnership?
A charter is a document formed to give a company the permission to form a corporation.
What is a charter?
the biggest advantage of a corporation is the ease of raising financial capital.
What is the biggest advantage of a corporation?
A liability is like a responsibility that is expected of someone in the business like the sole proprietor.
What is a liability
Clarification is explaining how each partner in the profit or loss of the business.
What is clarification?
Money is important in a business because they need it to grow and expand the company.
Why is money important in a business?
A board of directors are people that meet during the year to make important decisions about the company.
What is a board of directors?
The biggest disadvantage of a corporation is by law they must make their financial records public.
What is the biggest disadvantage of a corporation?
A financial capital is the money needed to run or expand a business.
What is a financial capital?
Limited partnership is when partners have less liability than general partners.
What is limited partnership?
Its important too have two different types of partners working together because one partners might be good at one thing important for the business to thrive and the other good at something else.
Why is it important to have two different types of partners working together?
Some of the main things in a corporations structure are the charter, stocks, and the board of directors.
What is a Corporations structure?
A disadvantage of a corporation is the government regulates them more than any other form of business.
Whats a disadvantage of a corporation?
Sole proprietors are practically the bosses of the company and decide what products they will sell or the service they give.
What are sole proprietors?
LLP stands for the business being a limited liability partnership.
What does LLP stand for?
If this happens then the company could be sued.
What happens if a product stop working or damages something?
Stocks are shares of ownership in a company people can buy.
What are stocks?
A franchise is a business in which the owner is the only seller of a certain product in a certain area.
What is a franchise?