General and Limited Partnerships. General Partners share responsibility 50/50 over the business while limited partnerships, one partner is limited to investment and to liability
What are the two different partnerships and what are differences between them?
100
False
T/F when starting a franchise you get the choice as to what food you want to sell and how the restaurant looks.
100
Merger
What does it mean when two businesses come together but take the idea and style of only one of the restaurant?
100
Sole proprietorship, Partnership, Franchise, Corporation
What are the four types of businesses?
200
Rules governing the management of a business in the USA. Corporations
What is the Articles of Incorporation and what business is it associated with?
200
True
T/F If you own a sole proprietorship you have unlimited liability , and if your business fails they can come after your personal assets.
200
-if a business partner leaves or dies the business ends
-each person held liable for others actions
-might have different ideas and have conflicts over making decisions
What are some disadvantages to starting a business with a partner?
200
Franchise
Mcdonalds would be an example of what kind of business?
200
Easy, because they usually already have advertisement
-they already have products you are going to sell
-they already have how the business should be run
Are franchise’s easy or difficult to create? Why?
300
S-Corporation, Open Corporation, Closed Corporation, Non-profit Corporations
What are the four types of Corporations?
300
Consolidation
What does it mean when two businesses come together to create a new business?
300
Partnership Agreement
Before starting a partnership you need to make a _________, so that all conflicts are worked out ahead of time and so that how the business runs is written in ink.
300
Share ideas
shared responsibilty
Advantages to owning a business with a partner.
300
Corporations
Which business offers pensions and retirement funds?
400
Corporation
This business has limited liability and the owners business and personal assets aren't combined.
400
Sole Proprietorship
What business makes up almost 75% of all businesses in the USA?
400
limited partner
If you wanted less then half of the businesses responsibilty and profit, would you be a general or limited partner?
400
You would want a partner with different strengths and weaknesses because they’d be good at what you need help on and you’d be good at what their weakness is.
To own a business, would you want a partner with similar or different strengths and weaknesses? Why?
400
Pros-more than one answer
-make more money
-you’re your own boss
-flexible hours
-don’t need approval from anyone
Cons-more than one answer
-personal and business assets are combined
-a lot of responsibility
-cant get new ideas only yours