Legal structures
What type of business ownership provides limited liability for the owners?
Corporation
Luis wants to start a candy business sells chocolates and candies. He wants to operate it by himself with him solely receiving the profits. What type of legal structure is this?
Sole proprietorship
What is legal obligation
Liability
What is the simplest form of a business?
Sole proprietorship
Danyls candy business generate 5000$ in revenue. The amount after all expenses came out to 2000$ profit. How much profit did the business generate?
2000$
Who are people with an entrepreneurial spirit and the will to start a business called?
Entrepreneurs
Taxed as an entity by the federal government
C corporation
Adam owns a corporation where he receives limited liability. What is this called?
A LLC
Buys goods in large quantities typically from manufacturers and resells them to retailers
Wholesalers
The business structure with the best liability protection for business owners
LLC
Danyl and Bill wants to make a local business where they work together and receive profits together. What type of legal structure would this be?
Partnerships
A business that is a retail or wholesale business
Trade business
A legally defined business that does not operate for self profits but for society
Bill wants to expand his business. He wants to give rights or license to an individual or group to market a company's goods or services in a particular territory. What is this legal structure called?
Franchise
Owners of a corporation
Stockholders