Sole Proprietorships
How many owners does a sole proprietorship have?
Only 1
The owners of a partnership are called.....
Partners
Owners of corporations are called....
Shareholders/stockholders
LLCs combine the best attributes of __________ and _______________.
Partnerships & corporations
In Joy, what was the main character's name?
Joy
The owner of a sole proprietorship is called a......
Sole proprietor
Partnerships have at least ____ owners
2
A corporation that has the main purpose of making money is called a _________ corporation
For-profit
LLC stands for....
Limited Liability Company
What type of show was the main character's mom always watching in her bedroom?
Who gets the profits of sole proprietorships?
The owner gets them all
Are partners' personal assets at risk of being taken if the business cannot pay its debts/if the business is sued?
Yes! Partners have unlimited liability just like SPs
When owners of a corporation are paid out a portion of the company's profits, the owners are receiving _____________.
The default taxation status for LLCs is to be taxed like a _______________
Partnership
In Joy, what was the main character's big break-through invention? (Name of the item & the 2 reasons it was unique)
A mop that is self-wringing & the mop head could be put in the washer (100 pts each)
Owners of sole proprietorships have ____________ liability
Unlimited (meaning their personal assets are at risk)
How are partnerships taxed?
Like SPs, each individual partner puts their portion of the profits on their own tax returns
If a corporation goes bankrupt and cannot pay its debts, are the owners' personal assets at risk?
Owners of LLCs have limited liability similar to the owners of ________________
Corporations
The main character faces several issues with her invention related to which type of intellectual property?
- Copyrights
- Patents
- Trade marks
Patents
How are sole proprietorships taxed?
- At the owner level
- First at the business level & then at the owner level
At the owner level (SPs avoid double taxation)
What is the name of the special type of partnership where some partners have limited liability (called limited partners) and others have unlimited liability (called general partners)?
Limited partnership
One of the biggest disadvantages of corporations is that profits are first taxed at the corporate level & then at the individual owners' level. What is this called?
Double-taxation
What was the name of the tv station/show that the main character sold her invention on?
QVC