Sole Proprietorship
1 person
What is how many people own and run the company?
partners share equally in both responsibility and liability
What is general partnership?
Apple, Disney, Amazon
What are examples of public corporations?
Company known for golden arches that is found in 119 countries
What is McDonald's?
Authorization, site permit, and the name
What are the 3 minimal requirements?
one is the general partner (has personal liability), the other partner(s) only contribute money
What is limited partnership?
Legal entity owned by individual stockholders
What are corporations?
Provide jobs, spreads new innovation, and improve living conditions in developing countries
What are the advantages of multinational corporations?
Health codes
What is a small business still has to follow?
all partners are limited from personal liability in certain situations (e.g. another partner's mistake)
What is limited liability partnerships?
These only issue stocks to a few people, usually a close family member
What are closely held corporations?
MNCs still have to follow while operating
What are the country of operations laws?
Take out loans
What is the way a business gets money before startup?
an example of a limited liability partnership
What is attorneys, doctors, and accountants?
When a corporation and a stock holder has two taxes for the same money
What is double taxation?
Business can influence culture and politics of a country
What is a disadvantage of MNCs?