Business Terms
When you are held responsible for something by law.
When you are the sole owner of a business you may not be able to bounce ideas of other people. This can result in __________?
What is Limited Managerial Perspective.
All partners have joint authority to make decisions for the firm and joint liability for the firms financial obligations
General Partnership
Are a legal entity, distinct from any individual persons, that has the power to own property and conduct business.
What is a Corporation.
These values are determined by society.
When a business is owned by one person.
Sole Proprietorship
This disadvantage of a sole ownership describes the work life balance of a sole proprietor.
What is "demands on the owner."
•A partnership in which one or more persons act as general partners who run the business and have the same unlimited liability as sole proprietors.
How many types of corporations are there?
There are 3 types:
•S Corporation
•Limited Liability Company (LLC)
•Benefit Corporation
These values are determined by yourself.
When a company is owned by two or more people but is not a corporation.
This advantage describes the earning potential of a sole proprietor.
Fewer Limitations on Personal Income.
A partnership that is allowed to raise money by selling units of ownership to the general public.
What is a Master Limited Partnership.
A structure that combines limited liability with the pass-through taxation benefits of a partnership; the number of shareholders is not restricted, nor is members participation in management.
Limited Liability Corporation
This type of company has a different goal than all other types of companies.
What is a Not-For-Profit.
This defines the principles of your company.
What is Code of Ethics.
A sole proprietor has what kind of liability.
General or Unlimited Liability.
A partnership in which each partner has unlimited liability only for his or her own actions and at least some degree of limited liability for the partnership as a whole.
What is a Limited Liability Partnership.
A type of corporation that combines the capital-raising options and limited liability of a corporation with the federal taxation advantages of a partnership
What is an S Corp.
A group of professionals elected by shareholders as their representatives, with responsibility for the overall direction of the company and the selection of top executives.
What is Board of Directors.
This shares the vision and goals of a company.
What is a Mission Statement.
What two advantages of a sole proprietorship will you have the highest degree of these advantage than any other form of ownership.
Control and Personal Satisfaction.
A legal condition in which the maximum amount each owner is liable for is equal to whatever amount each invested in the business.
What is Limited Liability.
A profit-seeking corporation whose charter specifies a social or environmental goal that the company must pursue in addition to profit
What is a Benefit Corporation
What are the four forms of ownership? (not including notforprofit)
•Sole Proprietorship
•General Partnership
•Limited Partnership
•Corporation