Name that Business
This form of business ownership gives the owner the most control, is easy to establish and dissolve, but the owner assumes unlimited liability
Sole Proprietorship
Non Profit
Circle K has a McDonalds inside of it. This is known as a
Piggy back franchise
license
Being responsible legally and financially
liability
This business ownership type has two or more owners and unlimited liability
General Partnership
This type of corporation is the biggest, is required to publish their financial statements, and has the most government involvement
Sanders Ford is an example of a
Product Trade Name Franchise
MLM stands for
Multi-Level-Marketing
Running or owning a Chick-Fil-A is an example of a
franchise
This business ownership type gives one partner unlimited liability, whereas the other partner(s) are only liable for what they invest in the business.
Limited Partnership
This corporation has less than 100 shareholders/owners, must publish their financial statements and avoids dual taxation
S Corporations
Walmart has a Subway in it. Walmart is known as the
Host
Adidas allows Dicks Sporting Goods to sell their shoes. Adidas is the
Licensor
Obtaining the right to sell someone else's product
license
These types of businesses are large and are taxed separately from their owners
Corporations
This type of business ownership transfers liability to the company itself, however, they are not required to make their financial statements public.
Private corporation
James operates the Subway down the road. James is the...
Franchisee
Adidas allows Dicks Sporting Goods to sell their shoes. Dicks Sporting Goods is the
Licensee
Give an example of a non profit corporation
answers may vary
This type of business allows someone else to operate a branch of an already well established business/company
Franchise
Which corporation is not required to make their financial statements public?
Private Corporations
Planet Fitness allows Garth to operate and run a location here in town. Planet fitness is the
Franchisor
What is typically associated with these types of business formats in regards to finances?
Royalty fees or commissions
Give an example of an MLM company