Partnerships KD
Paul shares an idea with Cane to start a Flower Bed Care Service. They agree to start it together and share ownership of the company.
Partnership
_____ is the legal obligation to pay any debts of the business.
Liability
Fragrance Galore is the sole supplier of all perfumes and colognes.
Monopoly
This market structure is dominated by few firms, who act independently.
Oligopoly
Doctors, Lawyers, and accountants often form this kind of partnership.
General Partnership
If the business goes bankrupt or is sued, the owner is personally responsible. What is this called?
Unlimited liability
Utilities and patented pharmaceuticals are examples of this type of market structure.
Monopoly
Unlimited Personal Liability, Limited Life of the Business, Partners May Disagree, Profits must be shared.
the Disadvantages of Partnerships
A firm that is owned and run by a single individual.
China is the only country that can supply pandas to global zoos or research facilities making them a
Natural Monopoly
John has to step down from is partnership with Carl, leaving the company in Carl's hands. This causes the company to drastically change in Carl's vision.
Limited Lifespan
If the business ends when the owner dies or leaves the business. What is it called?
Limited lifespan
Monopolies poses patent and licenses that grant them legal protection from competition. This cause gaining a monopoly to have a _____.
Strict barrier of entry
Steve and George have a partnership along with a few others. Steve and George collaborate and make the important decisions, while the others strictly contribute financially.
Limited Partnership
Owner quits, and the position is passed to the son who took over. What happens to the business if its lifespan is unlimited?
Business continues as usual.
Legal restrictions, economics of scale, and control of essential resource are the
Three types of entry barriers