1
Partners that all have unlimited personal liablity and take full responsibility for the management of the business
General partners
What form of business ownership is it when partners in a business liability is limited to their investment?
Limited Liability Partners
The easiest and most popular form of business to create
Sole Proprietorship
In a sole proprietorhsip, the owner has this for all debts and actions of the business
Unlimited Liability
What are the two different types of liability?
Unlimited liability and limited liability
Offers its owners limited liablity
Corporation
Give one example of a franchise from the slideshow
McDonalds, Amazon, Apple Tesla
Can raise money by issuing shares of a stock
A corporation
What type of liablity is this?
The owner is only responsible for the money they invested in the business. Their personal belongings are safe
Limited liablity
What type of liablity is this?
The owner is personally responsible for all the business debts.
Unlimited liability
Which is most likely to be a sole proprietorship? (write the letter)
A small business with one location
A business with locations across the country
A franchise
A company that trades on the stock market
A
Two benefits of a sole proprietorship
No boss, easy to start and end, all profits go to the owner
Give one example of a corporation
Coca-Cola, Walmart, McDonald's, or Google
DOUBLE JEOPARDY
A corporation whose ownership is distributed amongst general public shareholders through _________ traded stock shares
publicly
People who hold shares in a corporation - can be referred to as members of the corporation
Stockholders
A sole proprietorship is a business owned and operated by how many people?
one person
Limited liability
What does legal entity mean for a business?
They are treated like a "person" under the law
Two positive characteristics of a partnership
More skills and ideas, more money to buy things (land, machines, equipment), shared risks and responsibilities
A business that gives the right to another person or business to sell goods or services using its name
Franchise
List at least 1 example of a sole proprietorship
Small shops on the Danforth, Jen Towner Photography
What does continuity of existence mean?
What is a crown corporation and what is an example of one?
Is a state owned enterprise in Canada that is owned by the federal or provincial government. For example, CBC News, Via Rail Canada, Canada Post
True or False - If the founder of Starbucks passed away, the entire business would have to shut down until they find a replacement
False - the business keeps going!
What is the difference between a franchisee and a franchisor
A franchisor owns the company
A franchisee is the individual that buys the right to operate a business