Sole Proprietorships
Partnerships
Corporations
Vocab
Anything Goes
100
The most attractive feature of this business is the ease of
What is starting/stopping
100
A disadvantage of this business type is that they have difficulty raising this
What is financial capital (money)
100
One disadvantage of corporations is that they have higher
What is taxes
100

An agreement between two or more companies to share a business project

What is a joint venture?

100

Most common form of business

What is a sole proprietorship?

200
A business failure results in the owner losing their house, cars, and other personal property. This is referred to as
What is unlimited liability
200
A major disadvantage of a partnership is the potential for this...
What is conflict
200
This business type continues on long after the founder dies. This is referred to as
What is unlimited life
200

A hybrid organization that offers the same liability protection as a corporation but may be taxed as either a partnership or a corporation.

What is a LLC?

200

The #1 franchise in the world

What is McDonalds?

300

Profits are shared with....

nobody/no one

300
A type of partnership where both parties are financially responsible.
What is a general partnership
300
Stockholders do not have financial obligations to corporations and are said to have
What is limited liability
300

An organization that doesn't pay taxes and does not exist to make a profit

What is a non profit corporation?

300
Type of business set up like a corporation that provides a public service with its goal to help society in some way
What is a non-profit organization
400
One disadvantage of going into business by yourself is that the business dies with you. This is referred to as:
What is limited life
400
Type of partnership where one partner is only partially responsible for the financial aspect of the business
What is a limited partner (silent partner)
400
Major advantage of corporations is that they have the ease of raising
What is financial capital
400

People/corporations that own stock in a corporation are its owners

What are stockholders?

400
A church is an an example of what type of business?
What is non-profit organization
500
One disadvantage of a sole proprietorship is the difficulty of raising this
What is financial capital
500
When two friends come together to form a business, it is called a
What is partnership
500

This is a separate legal entity that is owned by a group of persons, or companies, who have purchased shares in the business.

What is company

500
A type of business that you can buy into that has an established reputation and makes most of the decisions for you.
What is a franchise
500

Largest US corporation by revenue

What is Walmart?

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