Sole Proprietorships
This percentage of businesses in the United States are Sole Proprietorships.
What is 60-70%?
This type of partnership has a t least one general partner and at least one limited partner.
What is a limited partnership?
This is a form of income that owners receive from profits.
What is a dividend?
The company that sells the right to open a franchise is called this.
What is a Franchiser?
Non profit organizations are exempt from this tax, as long as they meet specific IRS requirements.
What is income tax?
One major advantage of a Sole Proprietorship is that the owner gets to keep 100% of this.
What is the profit?
In this common form of partnership, all partners share equally in responsibility and liability.
What is a general partnership?
Corporations pay this, twice a year and pay additional on stocks.
What are taxes?
One big advantage of buying a franchise is gaining access to this already-established reputation.
What is brand recognition?
This type of organization can avoid double taxation on income, only if it passes its income on to its shareholders.
What is an S Corporation?
The legal responsibility to all business debts personally is known by this term.
What is Unlimited Personal Liability?
This type of partnership protects all partners from being responsible for another partner's mistakes.
What is a limited Liability Partnership (LLP)?
The main group responsible for overseeing the management of a corporation and making its major decisions.
This type of support is provided by franchiser to help owners learn how to run the business successfully.
What is training, procedures, etc.?
This type of organization combines the benefits of partnership laws and corporation laws.
What is a Limited Liability Company (LLC)?
A certificate of occupancy or business license are examples of these legal requirements needed to start a Sole Proprietorship.
What are authorizations or permits?
One major disadvantage of partnerships is the potential for this between partners.
What is conflict?
This type of corporation is owned by stockholders who can buy ad sell shares of stock on the open market, typically through stock exchanges like the NYSE.
What is a publicly held corporation?
A major disadvantage of owning a franchise is that owners are often limited to selling only these.
What are approved products?
Unlike corporations, non profit organizations are restricted in this area of activity, especially when it comes to influencing laws and legislation.
What is lobbying?
This disadvantage means a Sole Proprietorship might end if the owner retires, becomes ill, or dies.
What is a lack of permanence or dissolution?
One advantage of partnerships is that they can raise more of this than sole proprietorships.
What is capital?
Firms that want to incorporate must file a state license known as this.
What is Articles or Certificate of Incorporation?
This fee is a regular payment a franchise owner must make to the parent company based on earnings.
What is a Royalty?
This type of organization enables some owners to avoid responsibility for misconduct of the other owners, but will still be responsible for their own misconduct.
What is a Limited Liability Partnership (LLP)?